Icon Realty Snaps up Hester Street Building for $6.4M

Posted on: April 28th, 2020 at 5:06 am by

Real estate transactions don’t cease just because of a deadly virus and pandemic.

Real estate magnate, Icon Realty Management, just scooped up another Lower East Side property.

The twenty-unit multifamily walk-up at 61 Hester Street, formerly home to the Sweet Life candy shop on the ground floor, traded hands last week for $6.4 million. Margray Realty, which acquired the building in 1994, is listed as seller of record.

Icon Realty Management is notorious around the East Village and Lower East Side for its alleged “construction as harassment” techniques. Tenants often accuse the firm of aggressive attempts to clear out the rent stabilized properties in favor of luxury rents. It’s had an effect on commercial, too. Neighborhood stalwarts such as the Stage Restaurant and Allied Hardware on Second Avenue were some of Icon’s more high-profile victims.

Back in 2017, ICON was forced to settle with the city over its tactics: a $300,000 fine to the State of New York, and an additional $200,000 to HPD and DOB.

Recent Stories

Fridays Under $40: Trying To Be Healthy

In our new Friday column, “Fridays Under $40,” Boogie contributor Sara Graham hits the streets to find cheap eats and affordable things to do during these weird times. There are many hobbyists that have sprung from the self-isolation of spring 2020—sourdough bread bakers, TikTok choreographers, “plant moms”—but I’m most envious of runners. I’m lucky if […]

Sister of Murdered and Dismembered Tech Entrepreneur Speaks Out

Exactly one month after 33-year-old tech entrepreneur, Fahim Saleh, was brutally murdered and dismembered in his Lower East Side apartment, his sister is speaking out with a memoir on Medium. In the blog post published yesterday, Ruby Saleh recounts her relationship with Fahim and her sorrow over his death. She said that her brother was […]

Thirty Years on, Mercer Street Books is Crowdfunding to Keep Afloat

The last of the old guard is facing an uncertain future. Beloved used book store in Greenwich Village, Mercer Street Books, could be the latest victim of the economic fallout from the Covid-19 pandemic. The neighborhood fixture is in its 30th year of selling used and out-of-print books, as well as records, and currently staring […]

Ode to the Doomed Trees of East River Park [OP-ED]

The following editorial was written by Lower East Sider, Barbara Katz Rothman. There’s something truly sad about the sight of a dead tree. Look at that photo of the tree killed by the storm last week. We think of trees and use them as metaphors, so often, even by “urban types” like me who actually prefer city skylines […]

Essex Crossing Starts Leasing at The Artisan with Rentals Topping $3,000

Essex Crossing this month announced the start of leasing at its latest luxury tower – The Artisan. Located at 180 Broome Street, this beast is the largest building at the nine-site project. Its floors contain office and retail space, as well as access to the Market Line, which is gradually reopening from the pandemic shutdown. […]