M&T Bank provides $77m financing on UES developments

Manufacturers and Traders Trust Company (M&T Bank) has provided $76.54 million to refinance the debt on a mixed-use development going up on the Upper East Side of Manhattan.

Manufacturers and Traders Trust Company (M&T Bank) has provided $76.54 million to refinance the debt on a mixed-use development going up on the Upper East Side of Manhattan.

1562 Second Avenue, image from Issac and Stern
Rendering of 1562 Second Avenue (Credit: Issac and Stern)

The bank provided the financing to affiliates of Icon Realty Management, a developer that has scooped up several lots between 80th and 82nd Streets along the east side of 2nd Avenue since 2013, city records show. M&T placed the previous debt associated with those acquisitions.

Icon is developing a 14-story, 12-unit mixed-use building at 1562 2nd Avenue, aka 301 East 81st Street, between 81st and 82nd Streets; and another luxury residential and retail building one block south at 1538-1546 Second Avenue, between East 80th and 81st Streets.

The developers’ most recent purchase along that stretch is an apartment building on the 1562 Second Avenue lot at 301 East 81st Street for $5.75 million, the documents show.

Icon Realty Management is an investment and management company located in New York City. The firm owns and manages over 1,800 apartment units in the city. M&T Bank is a bank holding company headquartered in Buffalo, New York, which had assets of $122.8 billion as of December 31, 2015. The bank was founded in 1856.

In an unrelated deal, M&T Bank provided a $36.4 million mortgage on a commercial property in Manhattan’s Meatpacking District after the borrower struck a deal to ground lease the building to Rockpoint Group.

M&T Bank and Icon Realty did not respond to requests for comment in time for publication.

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