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

Adam Schlesinger Virtual Tribute is in the Works

A virtual tribute to keep the late Adam Schlesinger’s memory shining on is in the works. The Fountains of Wayne co-founder and bassist passed away one year ago due to Covid complications. “This is a proper musical send-off for my soul brother with a bunch of talented and groovy guests that would make Adam wince,” […]

Tre on Ludlow Street Returns Next Month with New Chef

The following guest post was written by Bowery Boogie reader Colton Moore. Tre, the locals Italian restaurant on Ludlow Street, is set to reopen on Saturday, May 1. It’s the first time back open since the pandemic-related sidelining in December. Returning diners will be surprised (and treated) to a new menu; rather than offering full […]

Shakespeare in the Parking Lot Returns from COVID-19 Sidelines

All the world’s a stage… To honor what would be the Bard’s 457th birthday, the ever-so-popular Shakespeare in the Parking Lot is back for a two night affair. Being the first performance from the troupe since the pandemic sidelined it in 2020, the event promises evenings filled with scenes, songs, sonnets, and soliloquies from the […]

Pedestrian Bridge Decay in Corlears Hook Park?

Strange things afoot. For a few days in mid-March, the pedestrian bridge connecting Corlears Hook Park to the East River greenway was closed off. No explanation; just cones and netting. Neighbors claimed that the bridge itself was crumbling, and that concrete debris fell onto the FDR roadway below. However, after a few days closed to […]

Opposition Mounts Against Public Hotel Garden Revamp on Chrystie Street

The 28-story Public Hotel hopes to reconfigure its garden area along Chrystie Street. Neighbors are not having it. Posters in the immediate vicinity display the opposition to the liquor license modification. Claiming that the new garden format would be an “open air eating and drinking playground for the rich.” According to materials submitted to the […]