Icon sells Village rental building for $38M

Icon Realty Management sold a nine-story rental building in the heart of Greenwich Village to an Italian investor for about $38 million. Terrence Lowenberg and Todd Cohen’s management firm sold the prewar elevator building at 56 West 11th Street to the overseas investor for $37.8 million in a 1031 exchange. The pricing on the 36-unit building between Fifth and Sixth avenues worked out to roughly $1.05 million per unit. The buyer “didn’t want to repatriate the money to Italy […]

Source: Real Estate

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