Report: Icon Realty made 5x what it paid in sale of 2 East Village buildings

[326-328 E. 4th St.]

A South Carolina-based investor bought two East Village buildings from Icon Realty Management for $30.9 million, The Real Deal reports.

The buildings: 82 Second Ave. between East Fourth Street and East Fifth Street and 326-328 E. Fourth St. between Avenue C and Avenue D.

According to The Real Deal, the total price is nearly five times what Icon paid just a few years ago. "The Icon deal, which penciled out to more than $1 million per unit, is also further evidence of how quickly prices are escalating."

In November 2010, preservationists and local politicians unsuccessfully lobbied to landmark 326-328 E. Fourth St., the former Uranian Phalanstery and First New York Gnostic Lyceum Temple, an artists’ collective and burial society.

The average price for a rental at No. 328 is $4,845, per Streeteasy.

Previously on EV Grieve:
How's life by 326-328 E. Fourth St. these days?

Historic East Fourth Street artists' collective soon to be condos

Two side-by-side townhouses on East Fourth Street await your renovation

City doesn't give a shit about these historic East Village townhouses

Sign marks start of renovations at 326-328 E. Fourth St.

Despite a lot of outreach and awareness by a variety of local politicians and preservations groups, the historic townhouses at 326-328 E. Fourth St. between Avenue C and Avenue D continue their journey toward the luxury condo afterlife... EV Grieve reader Steve sends along photos of new signs up on the property...



The DOB issued work permits here back on Nov. 16 — the same day that the Greenwich Village Society for Historic Preservation (GVSHP), the East Village Community Coalition (EVCC), Councilmember Rosie Mendez, State Senator Daniel Squadron, Assemblymember Brian Kavanagh, the Historic Districts Council, and the Lower East Side Jewish Conservancy held a rally and press conference to try to preserve these buildings...

As the standard sign reads, this project "will improve the quality of life for all New Yorkers." And later... "Here on 326-328 E. 4th Street a new apartment building is being built that will contribute to the lively community."



Two floors will be added here to create more luxury housing... Will this addition "contribute to the lively community"?

Previously on EV Grieve:
Historic East Fourth Street artists' collective soon to be condos

Two side-by-side townhouses on East Fourth Street await your renovation

City doesn't give a shit about these historic East Village townhouses

Read more abou tthe preservation efforts here.

Icon EV now renting on East Fourth Street; anyone in the market for a 6-bedroom apartment?

[Bobby Williams]

The gut-renovated buildings at 326-328 E. Fourth St. between Avenue C and Avenue D have a name — Icon EV. And the first units from developer Terrence Lowenberg and penthouse-making architect Ramy Issac are are now available for rent starting Sept. 1.

Here's the listing for the buildings over at Icon Realty:

Icon EV is a Brand New Boutique Rental Building located on East 4th street surrounded by a wide array of unique shops, restaurants, bars, and live music venues in New York City's famous East Village.

Distinctive architectural features such as black and white tiled hallways, oak paneled walls and elegant lighting were incorporated into the building's design to create a Classic New York Atmosphere. Residents can unwind, entertain and enjoy unobstructed views of the Manhattan skyline from the building's Roof Top Sun Deck.

Apartments Feature:
• Open Gourmet Kitchens with carrera marble countertops, and stainless steel appliances

• Recessed lighting, crown and baseboard molding, and exposed brick walls

• Oversized windows which provide sun filled living spaces

• Wide plank ebony hardwood floors Marble bathrooms with wengay vanities

• Marble bathrooms with wengay vanities

• Premium Bosch Washer and Dryers

• Access to Roof top Sun Deck

Here's how the apartments look...

We found listings for a three-bedroom apartment priced at $4,250 and a two-bedroom unit for $3,500 at No. 326.

No. 328 seems to be the dormier of the pair. There's a six-bedroom apartment listed at Streeteasy for $8,000 ... and a more modest four-bedroom home for $6,000.

As the Times noted in September 2010, the 170-year-old buildings here (now with two extra floors) were an artists’ collective and burial society called the Uranian Phalanstery and First New York Gnostic Lyceum Temple ... started in the East Village in the late 1950s by the artists Richard Oviet Tyler and Dorothea Tyler.

Previously on EV Grieve:
Historic East Fourth Street artists' collective soon to be condos

Two side-by-side townhouses on East Fourth Street await your renovation

City doesn't give a shit about these historic East Village townhouses

Almost working around the clock on developing 326-328 E. Fourth St.

Former burial society home rises from the dead on East Fourth Street

Nearly two years ago, we wrote about a new listing that appeared for two townhouses at 326-328 E. Fourth St. between Avenue C and Avenue D... 12 bedrooms in the two homes... and both buildings were going for $4.6 million.


As the Times reported in September 2010, this is was home to "an artists’ collective and burial society called the Uranian Phalanstery and First New York Gnostic Lyceum Temple, was started in the East Village in the late 1950s by the artists Richard Oviet Tyler and Dorothea Tyler."

Later, preservation groups fought a losing battle to landmark the 170-year-old buildings. The Landmarks Preservation Commission said the buildings didn’t merit landmarking status, giving developer Terrence Lowenberg and penthouse-making architect Ramy Issac the green light to add two stories to the top.

Anyway! Thanks to Dave on 7th for pointing out that workers have removed the construction netting on the new buildings...

...and a view from the rear...

...and a now-and-then of sorts...

The new 326-328 looks similar to Lowenberg's other East Village rehab — 147 First Avenue...

Previously on EV Grieve:
Historic East Fourth Street artists' collective soon to be condos

Two side-by-side townhouses on East Fourth Street await your renovation

City doesn't give a shit about these historic East Village townhouses

Almost working around the clock on developing 326-328 E. Fourth St.

Almost working around the clock on developing 326-328 E. Fourth St.

An EV Grieve reader who lives near the formerly historic townhouses at 326-328 E. Fourth St. between Avenue C and Avenue D reports that work is happening here at a rather frantic pace... including during evenings and Saturdays and Sundays...

The reader/resident is finding all this weekend work annoying. We walked by ourselves yesterday morning around 10 ... complete with a newspaper for authentication purposes...



Regardless, all the required After Hours Variance Permits are on file with the DOB...

More upscale housing is coming here with two new floors courtesy of developer Terrence Lowenberg and Ramy Issac, the controversial penthouse king of the East Village.

Here's how it's shaping up ... with a view from East Third Street...

Previously on EV Grieve:
Historic East Fourth Street artists' collective soon to be condos

Two side-by-side townhouses on East Fourth Street await your renovation

City doesn't give a shit about these historic East Village townhouses

Workers arrive to chop down trees at 326-328 E. Fourth St.

EV Grieve reader Ileana sends along these photos, noting the activity in front of 326-328 E. Fourth St. ... which is being prepped to become luxury housing...



"Tree service company came today to start cutting down the townhouse trees. As of this afternoon, they had not yet gotten to the mulberry trees in front that are growing out of the steps and provide East 4th street residents with delicious berries in June."



Previously on EV Grieve:
Historic East Fourth Street artists' collective soon to be condos

Two side-by-side townhouses on East Fourth Street await your renovation

City doesn't give a shit about these historic East Village townhouses

Historic East Fourth Street artists' collective soon to be condos

Back in March, we wrote about the side-by-side townhouses for sale on East Fourth Street near Avenue D....



There's a new listing for two townhouses at 326-328 E. Fourth St. between Avenue C and Avenue D... 12 bedrooms in the two homes... and both buildings are going for $4.6 million... According to the listing:

Extraordinary Opportunity. Two side by side townhouses that have 46 feet of street frontage and a 46 foot by 50 foot rear garden await your vision, dreams and renovation. Extensive original details throughout the townhouses. These properties will be delivered vacant, are currently over 7,000 square feet and come with an additional 10,000 square feet of air rights. Beautifully located across community gardens and on a charming block. This could also be a development site or for institutional use.

As the Times reports today, this is home to "an artists’ collective and burial society called the Uranian Phalanstery and First New York Gnostic Lyceum Temple, was started in the East Village in the late 1950s by the artists Richard Oviet Tyler and Dorothea Tyler."

Per their article by Colin Moynihan:

For decades, the East Village has been home to countless avant-garde organizations and collectives, drawn to the area by its cultural vitality and low cost of living.

Those days of affordability, however, appear to have largely vanished, and over the last decade or so many of the creative groups that once had a home in the East Village have moved or become defunct.

Faced with tax liens, the group is selling the two old brick buildings on East Fourth Street near Avenue D that it has owned since 1974. The group is also beginning the complicated process of cataloging the contents.

The Times also notes that the Greenwich Village Society for Historic Preservation (GVSHP) and the East Village Community Coalition are working to to get landmark status here. "In letters to the Landmarks Preservation Commission, the groups said the houses dated to around 1840 and retained original cornices, molded stone sills, windows and ironwork, among other features. 'That these houses have remained virtually unchanged in the past 170 years is miraculous and noteworthy,' the preservation groups wrote. 'That they could be lost to irresponsible development would be nothing short of tragic.'"

Read more about it at the NYPress.

Speaking of development, the campaign is well under way to sell the buildings. Per Blumstein at Corcoran:

Deep in the Alphabet lies a potential Gem of an investment. Two buildings, old and in disrepair, are on the market as a set. Just recently the price was reduced from $4,300,000 to $3,950,000.

What makes them so special is the air rights that come with the buildings – 17,630 buildable square feet. At the current asking price, that is $224 per square foot to buy. Even with good quality construction you could put up condos at under $700 a square foot, and the lowest condo (a resale) is on the market in the Alphabet for $800 a square foot with the average at $1,051 and the highs around $1,700 per square foot (The Copper Building is selling at 215 Ave B with the remaining units averaging around $1,256 a square foot). Given the 2-3 years minimum before completion, the fact that it would be new development and a likely upturning real estate market, a buyer/developer could be poised for considerable returns.

Anyway, the GVSHP has documentation showing "the house’s original owner built the first steamship to cross the Atlantic Ocean (nearby Avenue D was the East River’s edge, which in the early 19th century was full of working piers before shipping activity shifted to the wider and deeper Hudson); that in the late 19th century these houses were transformed from homes of successful merchants into tenements to house the waves of immigrants moving into the area; that in the early 20th century 326 and 328 East 4th Street were converted to house a Hungarian Synagogue."

Per the GVSHP:

YOU CAN HELP! Please write a letter to the city today urging the Commission to consider landmark designation for 326 and 328 East 4th Street right away, and to protect these remarkable survivors which capture so many important aspects of the evolving history of the East Village and New York — CLICK HERE for a sample letter and contact information.

326-328 E. Fourth St. quickly gutted

And work continues at 326-328 E. Fourth St. ...



Got a quick look inside yesterday.... the space is already gutted... not much left...



Previously on EV Grieve:
Historic East Fourth Street artists' collective soon to be condos

Two side-by-side townhouses on East Fourth Street await your renovation

City doesn't give a shit about these historic East Village townhouses

East Fourth Street's new luxury row

We've been focusing our attention of late on the preservation efforts at 35 Cooper Square... Meanwhile, we haven't checked in at the scene of another battle — 326-328 E. Fourth St. — in several weeks.

Despite a lot of outreach and awareness by a variety of local politicians and preservations groups, the historic townhouses here between Avenue C and Avenue D continue their journey toward the luxury condo apartment afterlife with the addition of two new floors.

Since we last looked, workers erected the sidewalk sheds...

And you can see right through now... not much is left inside. Workers have removed the guts.

However, the work on this block isn't limited to 326-328. There's also a sidewalk shed in front of 322.

According to a newly renewed work permit:

Interior renovation of existing apartments, including addition of one floor and penthouse; including structural, plumbing and mechanical work.

Previously on EV Grieve:
Historic East Fourth Street artists' collective soon to be condos

Two side-by-side townhouses on East Fourth Street await your renovation

City doesn't give a shit about these historic East Village townhouses

Stop work order at 328 E. Fourth St.

On Friday, the city issued a partial stop-work order here at the formerly historic townhouses at 326-328 E. Fourth St. ... photographed on Saturday...

According to the DOB, there was a complaint that the debris on the new top floor wasn't secured... thanks to a tipster for passing along this photo...

More upscale housing is coming here with two new floors courtesy of developer Terrence Lowenberg and Ramy Issac, the penthouse king of the East Village.

Previously on EV Grieve:
Historic East Fourth Street artists' collective soon to be condos

Two side-by-side townhouses on East Fourth Street await your renovation

City doesn't give a shit about these historic East Village townhouses

Here are 17 current East Village construction projects, bringing in 534 new residential units

Does it seem as if there's a lot of new construction going on in the East Village these days?

To me, there's more going on now than any other time in the five years that I've done this site.

So here are all the current projects in one post.

But a few things first. I didn't include commercial ventures such as the Hyatt Union Square ... or other non-commercial jobs such as St. Brigid's (but I did include 51 Astor Place — mostly because of its size and scope and neighborhood-changing potential).

I also didn't include rumored construction sites, such as Mary Help of Christians, which likely faces the wrecking ball one day... or partial building rehabs...or jobs that haven't started in earnest just yet, such as 33 Second Ave. and 227 E. Seventh St.

Anyway.

• 219 E. 13th St. (aka, The Mystery Lot)
What: 8 stories, 82 units of residential. Plus retail on the East 14th Street side.

..and the plywood went up on the East 14th Street this week...

• 74-84 Third Ave. at East 12th Street
What: 9 stories, 94 units of residential. Plus retail.

• 51 Astor Place (aka The Death Star)
What: 12 stories, all commercial; some educational use.

[Bobby Williams]

• 27 E. Seventh St.
What: Interior demolition and gut rehab of former rectory for the pastor and priests of the Order of Saint Basil the Great; later the illegal hotel the Village Inn. Conversion to residential. Per the DOB, there will be 11 units of residential.

[From April]

• 21 E. First St. (aka the former Mars Bar) at Second Avenue
What: 12 stories, 65 units of residential. Plus retail.

• 154 Second Ave.
What: Conversion of former funeral home into residential; plus addition of 3 new floors. 12 units of residential (still confirming final number). Plus retail.

[Terry Howell]

• 331. E. Sixth St. (aka Chez Schwimm)
What: Demolition of formerly historic townhouse; new 6-floor single-family mansion for David Schwimmer

• 427 E. 12th St.
What: 6 story, 11 units.

• 130 E. Seventh St. at Avenue A
What: Per the DOB: "Convert portion of existing commercial building to general residential use on floors 4 thru 7 ... reconstruct portion of existing penthouse."

• 315 E. 10th St.
What: Conversion from nonprofit use to residential. 9 units of residential. Plus one additional floor for penthouse apartment.

[Bobby Williams]

• 526 E. Fifth St.
What: Conversion of three-story multiple-dwelling building to a single-family residence

• 185 Avenue B at East 12th Street
What: 7 stories, 40 units of residential. Plus community facility and church.

[Demolition of the former theater via Kimberly Fritschy on Facebook]

• 542 East Fifth St. at Avenue B
What: Conversion of former Cabrini Nursing Center for Nursing and Rehabilitation into residential apartments (90 units). Plus retail.

• 710 E. Ninth St. (aka the Henry Street Settlement Day Care #3 building)
What: Conversion of former school into community facility plus 46 units of housing to serve homeless young adults and young adults aging out of the foster care system

[Bobby Williams]

• 316-318 E. Third St.
What: Demolition of formerly historic townhouse; construction of 7 stories, 33 units of residential

• 326-328 E. Fourth St.
What: Conversion of former two-building artist collective; addition of two floors and 18 units of residential.

...and the doorway...

[EVG reader Steven]

• 101 Avenue D
What: A community facility, the HQ for the Lower Eastside Girls Club, retail space and 78 affordable and market-rate rental units of residential.



If my math is any good (not really), then this makes 17 construction projects ... with an estimated addition of 534 residential units...(and various retail space).

Any construction projects/developments that I missed?