Icon Realty Snaps Up 47 Clinton Street for $5M
Posted on: September 19th, 2014 at 9:38 am by Elie
Two weeks ago, Icon Realty Management made headlines after selling its massive holding at 50-62 Clinton Street for a record-setting $28 million. The transaction now paves the way for a new seven-story residential development. Yet while the real estate investment firm was busy closing the deal, it quietly made a purchase just across the pavement.
47 Clinton Street officially changed hands at the end of August for a slender $5 million, according to public records. The five-story tenement sports eight residential units and two ground-floor businesses, a laundromat and payment service company.
This latest acquisition begs the question of whether 47 Clinton will become yet another “frat house” in Icon’s portfolio. After all, their property at 205 Avenue A is notorious for rooftop parties that broadcast loud-as-fuck music (and Icon is allegedly unresponsive to complaints).
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