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Icon Pays $700K-Per-Unit for West Village Walk-Up

Icon Realty Management paid $17.5 million for a partially rent-stabilized, six-story walkup with 25 apartments in Manhattan’s West Village. That works out to a price of $700,000—per-unit.

More than half of the apartments at 199 W. 10th St. are rent-stabilized, though the high price does would not seem to reflect low rents. “These are long term-hold value add… irreplaceable type of real estate,” said Joseph Koicim of Marcus & Millichap to the Commercial Observer. Koicim, with Peter Von Der Ahe, David Lloyd and Logan Markley, represented both Icon and the seller, the Ragone family, in the transaction.

Icon recently agreed to pay $500,000 to settle a lawsuit in which New York officials alleged that Icon had harassed rent-stabilized tenants.

For comments, questions or concerns, please contact our New York commercial real estate editor Bendix Anderson

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