Updated Aug 28, 2026
Terrence Lowenberg Of Icon Realty Management Purchases Development Site From Archdiocese Of New York For $3.8M
348 East 55th Street
$3,800,000
$593/SF
Building Size
6,400 SF
Asset Type
Development Site
Closing
Aug 4, 2026
About this deal
AI
The asset involved in the transaction is a development site located at 348 East 55th Street, situated in Midtown East, Manhattan. This property was sold for $3,800,000 and comprises 6,400 square feet, resulting in a price per square foot of $594.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $3,800,000
- Buyer: Terrence Lowenberg
- Buyer's Company: Icon Realty Management
- Seller: Archdiocese of New York
- Sale Date: 08/04/2026
Terrence Lowenberg, representing Icon Realty Management, has entered into a contract to acquire the former parish house of the Archdiocese of New York, enhancing the portfolio of properties that includes four adjacent apartment buildings already owned by Icon Realty Management.
Players
Brooklyn Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.17%
Cash-on-Cash
-1.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93