Corner Tenement at 119 Hester Street Flipped for $16.5M Payload
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An anchoring corner tenement down at the curvature of Forsyth Street and Hester changed hands earlier this month for $16.9 million. Buyer of record is David Krami (DK Hester Street LLC), who acquired 119 Hester from a partnership composed of Dalan Management’s Daniel Wrublin, Ronald Beard, and Scott Atler.
This is the second time in four years that the property is under new ownership. It was last sold in 2012 for $7.4 million. Wrublin, Beard, and Atler flipped it for more than twice what they paid.
The six-story tenement at 119 Hester Street sports twenty-five apartments, fifteen of which are rent regulated. There are also four retail spaces occupied by small businesses including a Chinese bodega.
These are troubling times.
[h/t Real Deal]