NEW YORK CITY-An affiliate of locally-based residential development firm Icon Realty Management has closed on a $59.9-million mortgage in connection with its acquisition of 1556 Second Avenue on the Upper East Side.
1556 Realty Corp., an affiliate of Icon, purchased the mixed-use property for $7 million and closed the loan late last month. A person familiar with the transaction told the Commercial Observer that the large disparity between the loan amount and the purchase price was because the financing also involves the purchase of properties nearby. The $59.9 million loan was financed by M&T Bank.
Icon is leasing the building's 1,700-square-foot ground floor and 1,700-square-foot basement for $27,000 per month. The 5,383-square-foot building also has six residential units. See story in the Commercial Observer.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
