Tuesday, February 3, 2015

Reader report: Icon Realty new owner of 57 Second Ave.

[Image via Massey & Knakal]

The 10-story building at 57 Second Ave. between East Third Street and East Fourth Street hit the market last November for $30 million.

Now a resident writes in: "On Friday, we all received a letter attached to our doorknobs that our new landlord is T&T Realty Management, but their email address is from Icon Realty." (We didn't spot the transaction just yet in public records.)

And in a separate comment that someone left yesterday on the post from November:

"They want names, birthdates and more info from occupants. The big story for this building hasn't been written yet. Buyouts are my guess."

We hear that 28 of the 33 units are currently occupied ... and all tenants are either in rent-stabilized or rent-controlled units.

Meanwhile, the original sales listing noted that the two retail tenants — Alex Shoe Repair and Allied Hardware — were on a month-to-month lease, paying roughly $38 a square foot "in an area that commands rents in excess of $150/SF."

According to the building tipster, the family who owns the hardware store has already been handed vacate orders.

Previously on EV Grieve:
57 Second Ave. hits the market for $30 million

Security guards and Stop Work Orders for Icon Realty-owned East 12th Street building

At 205 Avenue A, where the NYPD stops by 'almost every weekend'

Happy holidays from 128 Second Ave.


Anonymous said...

The EV will soon be like Logan's Run.

Anonymous said...

Always loved the look of this building. The hardware store has a great hanging sign and storefront. I purchased something there a couple of months ago and it seemed like the inventory was low. The tenants need to know their rights and weigh options carefully.

Spike said...

Methinks I need to pick up my newly resoled shoes quickly.

M said...

I'm with Spike! Time to pay a visit to the store.

Hope the tenants work together and defend their homes.

Anonymous said...

The tenant's should immediately contact Cooper Square and form a tenant's association. They should not allow themselves to be picked-off one by one for paltry sums.

Anonymous said...

How much are these buyouts? I guess its not enough to replace the housing? How do they clear people out of the building besides buying them out? Legally I mean.

Anonymous said...

Building Tipster here. We have formed a tenants association and are working with Cooper Square (they actually came to us after the 1st EV Grieve post...Thanks, EV Grieve!)

No offers or anything yet. It's been less than a week. But given the history of this neighborhood and real estate, we just want to be prepared.

Anonymous said...

The new owners are probably checking to see if the rent stablized/controlled apartments are actually occupied by the tenants that are supposed to be living there and not sublet illegally. I would bet they will be enforcing rules in order to get people out who aren't supposed to be there so they can start to take over the building.

Anonymous said...

This is not going to be pretty. Those tenants are in for some really bad treatment.
@ 1:14 Organizing is easier said than done. I tried that in my building back in 2008. It can be a sisyphean task. At times I felt it would be better to train cats to jump threw hoops of fire. The fact that so many people are rent-stabilized or rent-controlled could really be to their advantage as a bond to hold them together and fight for their rights.
Good luck to all at 57 Second Avenue!!!

Anonymous said...

Well that's the end of the shoe store. No one will go there. Let the landlord so as he will. It's a shit location.

john penley said...

I used to live on East Third Street at building these guys bought. They will offer buy outs and then start demo and rehab on all the apartments they can buy people out of. Get ready for 8am til 5pm loud and dirty construction work going on all the time. They seem to tell their workers to make as much noise as they can beginning at 8am. They drove me out but I was a roommate and got no buyout. I was insane when I left there. I feel sorry for the tenants.

Anonymous said...

That hardware store was terrible. More expensive than Brickman or Saifee, and unfriendly owners/staff. I feel bad for the residents, but not for the loss of this business.

Anonymous said...

As a tenant who lived through two years of aggressive construction, let me tell you: THE CONSTRUCTION ENDS. Your landlord pisses you off? STAYING in your apartment is the best revenge!!!

Anonymous said...

Alex Shoe Repair is the best, great craftsmanship and the kind of old school neighborhood vibe that is going the way of the dodo. I trust them with all my repairs and have been going there for years.
I hope they find another more affordable place in a decent location. They deserve everyone's support!