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Icon Realty snags Chelsea office building for $33M

People & Companies / Latest News

United States of America

Feb 14 2017

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Rich Bockmann, The Real Deal

Terrence Lowenberg and Todd Cohen’s Icon Realty Management picked up a nine-story office building in Chelsea for $33 million, property records show.

The Noho-based landlord purchased the 45,499-square-foot building at 133 West 25th Street from Dezer Properties, records filed with the city Monday show.

A representative for Icon declined to comment. Icon secured a $23.4 million acquisition loan from Israeli lender Bank Leumi for the deal. The purchase works out to $725 per square foot.

Dezer, which owns a portfolio of side-street commercial buildings heavily concentrated in Chelsea, had owned the property between Sixth and Seventh avenues since 1998.

Icon late last year snapped up one of the former Ring portfolio buildings near Madison Square Park from Extell Development for $26.5 million. The firm also picked up a 34-unit multifamily building in the West Village for $15.7 million from the Brodsky Organization.

The Chelsea submarket was Midtown South’s most active area during the fourth quarter of 2016 with 691,945 square foot leased and nearly 46 percent of all the deals in Midtown South during that time, according to Newmark Grubb Knight Frank.

Average asking rents stood at $71.12 per square foot at the end of the year, the highest in Midtown South.

SOURCE: The Real Deal

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