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

Friday night's rooftop party at Icon Realty's 205 Avenue A

Back in June, we heard from some unhappy neighbors living near the newly renovated (and now taller) 205 Avenue A — a property billed as an "East Village frat house" in ads.

For several months, neighbors said that they've had to endure various DJ-fueled rooftop parties between East 12th Street and East 13th Street.

When landlord Icon Realty didn't respond to noise complaints, nearby neighbors took up the issue with the offices of Councilmember Rosie Mendez and State Sen. Brad Hoylman. The address was also a topic during June's Ninth Precinct Community Council meeting.

Any progress to note?

Yes, apparently the parties are as loud as ever, as this video that a neighbor who lives several building away shared.



Said the neighbor, "The DJ was up there with sound equipment. It wasn't a charge-at-the-door DJ party. One of the tenants is a DJ and brings his equipment up there sometimes."

The music kicked in around midnight. The neighbor shot the video at 2:05 a.m.

"Many people called 311 and the police showed up around 2:30," the neighbor said. "Not coincidentally the music ceased."

We heard that Lt. Hernandez from the 9th Precinct Community Affairs office has been in contact with Icon Reality about reworking rooftop and backyard use guidelines.

As the resident noted about Lt. Hernandez: "He's been very helpful, but as you can hear, it's still a work in progress."

Previously on EV Grieve:
Your 6-bedroom dream 'frat house' awaits you in the East Village

How's life by 326-328 E. Fourth St. these days?

Icon Realty's new Avenue A 'frat house' is attracting attention

Icon Realty's new Avenue A 'frat house' is attracting attention

Back in January, an apparently brotastic 6-bedroom apartment at the newly renovated 205 Avenue A was billed as an "East Village frat house" in ads.

Apparently the building with roof deck and backyard is living up to its billing.

Residents who live near the party palace between East 12th Street and East 13th Street say they have been enduring various daytime/nighttime parties since April.

Says one neighbor: "Rooftop parties have included a DJ with sound system and the backyard patio has a large outdoor screen for movies and sports. The backyard is part of a typical configuration whereby many buildings overlook their shared backyard areas which creates a kind of echoey canyon where even the smallest noises are amplified."

To date, residents say building owner Icon Realty has been unresponsive to emails and phone calls regarding the noise complaints.

So, the residents say they were left with little choice but to seek other alternatives to the problem. That means the 9th Precinct, Community Board 3 and the offices of Councilmember Rosie Mendez and State Sen. Brad Hoylman … all are said to be aware of the ongoing noise problems coming from the building's residents (and their guests).

205 Avenue A is expected to be among the topics of discussion during tonight's Ninth Precinct Community Council meeting. (The meeting is at 7 p.m. at the 9th Precinct, 321 E. Fifth St. between First Avenue and Second Avenue.)

And this is not the first time residents have had noise complaints about Icon Realty's newly created dorms.

Previously on EV Grieve:
Your 6-bedroom dream 'frat house' awaits you in the East Village

How's life by 326-328 E. Fourth St. these days?

2 new floors, gut renovation in store for empty tenement that last housed a Hanksy art show

324 E. Fourth St. between Avenue C and Avenue D is one of the last unique-looking buildings left in the area... not for long, though. There are plans on file with the city to gut-renovate the empty tenement and add two floors. Under this proposal, the number of apartments would increase from four to 11.

We're unsure how long the building has been vacant. At least one person had keys. The street artist Hanksy hosted a kinda secret show here called "Surplus Candy" on Jan. 10...









Hanksy also hosted another event here here in December. Hanksy probably has time to do a few more here before the permits are OK'd and the renovations begin.

The renovated building may match up nicely with the neutered 326-328 E. Fourth St. ... the former artists' collective and burial society called the Uranian Phalanstery and First New York Gnostic Lyceum Temple that Icon Realty turned into expensive dorms.

Happy holidays from 128 Second Ave.

[EVG file photo]

Back in the fall, the ownership of 128 Second Ave. changed hands for $7.5 million… The listed buyers for the building between between St. Mark's Place and East Seventh Street are LLCs... with addresses that matched up to Stellar Management ("known as a premier owner and operator of commercial real estate") and Icon Realty Management, the hotshots who have bought up several East Village properties, such as 326-328 E. Fourth St.

Since then, we've heard rumors about shoddy treatment of the remaining tenants … one resident said that the building was without heat for more than five days in October, which is "more added stress on the good people being treated unfairly and pushed out of the building one by one. What a neighborhood killer."

Most recently, residents spotted this notice from ConEd, who "has not received an application for service for the light and power account in this building."



The service will be turned off "on or after Dec. 23 unless the Landlord or his Agent contact us for service."

Previously on EV Grieve:
Troubling talk about 128 Second Ave, and the long-term future of the Stage

128 Second Ave. has been sold

128 Second Ave. has been sold

Back in late August, a tipster told us that 128 Second Ave. between St. Mark's Place and East Seventh Street was in contract.

Per the tipster, the building was being sold "to a group of four relatively young guys" ... who were heard outside 128 "talking about 'clearing out' the shop in the front" of the building. There are two businesses here: A tattoo/piercing parlor and the Stage restaurant.

According to public documents filed at the beginning of October, the building was sold for $7.5 million. The listed buyers are LLCs... with addresses that match up to Stellar Management ("known as a premier owner and operator of commercial real estate") and Icon Realty Management.

Ikon is familiar to the East Village, as far as gut renovations and additional stories go. Among the company's recent purchases: 326-328 E. Fourth St., 205 Avenue A and 154 Second Ave.

As for the beloved Stage, we understand that they have six years remaining on their lease.

Previously on EV Grieve:
An appreciation: Breakfast at Stage

Troubling talk about 128 Second Ave, and the long-term future of the Stage

Here's the new-look 205 Avenue A with 2 additional floors

[January]

We've been noting that 205 Avenue A between East 12th Street and East 13th Street was getting a two-floor extension courtesy of developer Terrence Lowenberg and architect Ramy Issac.

And yesterday, workers removed the construction netting and scaffolding to reveal... a very Lowenberg-Issac-like building...



It's quite similar to the look of another recent joint venture — 326-328 E. Fourth St.

There aren't any listings yet for 205... so it's not clear yet whether they will be dormy side, like the apartments at 326-328 E. Fourth St. where there was a six-bedroom apartment listed for $8,000.

Previously on EV Grieve:
2 additional floors coming to 205 Avenue A; another Lowenberg-Issac production

205 Avenue A primed for 2 new floors

Is the under-renovation 205 Avenue A already too tall?

How's life by 326-328 E. Fourth St. these days?

Speaking of 326-328 E. Fourth St. Icon EV, the new rentals here between Avenue C and Avenue D, were available for move in starting Sept. 1. Units are priced between $3,500 for two bedrooms and up to $8,000 for six bedrooms. The building's design is described in the listings as "a Classic New York Atmosphere." (To accomplish this, workers gutted the 170-year-old buildings and added two additional floors.)

Anyway, they seem to be popular enough — a good number of the units have already been rented. According to Streeteasy, seven units have been rented at No. 326 and five at No. 328.

And what do the neighbors think so far? Via the comments the other day:

Our building on 3rd Street faces the back of this atrocity. We used to see blue jays and cardinals in the old tree at the edge of this property, but that was the first thing they cut down (it never would have gotten in the way of construction). Now in the same spot overcharged renters have access to an ugly concrete patio, and what looks and sounds like frat boys [who] sit and drink beer and smoke cigarettes and talk too loudly till way past midnight. Shame.

2 additional floors coming to 205 Avenue A; another Lowenberg-Issac production

205 Avenue A between East 12th Street and East 13th Street is resident-free as workers have gutted the building this past week... According to the DOB, two additional floors are on the way via developer Terrence Lowenberg and architect Ramy Issac.

Perhaps we can expect to see more dorm-like conditions upon 205's unveiling, much like the previous Lowenberg-Issac production at 326-328 E. Fourth St., where there is a six-bedroom unit available for $8,000. (The two also teamed up for the in-progress additions at 154 Second Ave.)

Meanwhile, there are two complaints dated Wednesday on file with the DOB... from next door at No. 203:

CONSTRUCTION AT THE ADDRESS LSITED IS NOT TAKING PROPER SAFETY PRECAUTIONS AND AS A RESULT NAILS, SCREWS AND OTHER DEBRIS IS FALLING ONTO ADJACENT PROPERTY

Previously on EV Grieve:
City has OK'd one-floor addition for Ben Shaoul-owned building on Avenue A and East 12th Street

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.

East Ninth Street parking lot will yield to 6-floor residential building

Following our post on Wednesday about the current construction projects in the neighborhood... a tipster told us about a development that we were unaware of — 327 E. Ninth St., currently a parking lot between First Avenue and Second Avenue...

The city has already OK'd plans for a six-floor residential building in the space...

Per the DOB, the 7,200-square-foot building will contain two residences ... with a garage and an elevator. Per the application, our old friend Ramy Issac is the architect ... and the owner is listed as Terrence Lowenberg of Icon Realty, who has been busy with turning 147 First Ave. into a hotel ... as well as developing 326-328 E. Fourth St. ... and other properties.

Meanwhile, the tipster also points us to the adjacent buildings here along East Ninth Street...

There are additional floors in the works for 329 E. Ninth St. ... No. 331 ... No. 333 ... No. 335 ... However, so far, the DOB hasn't approved any of the additional floors for these addresses dating back to early last year...

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?

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.