Icon Realty Management pays $6.4M for multifamily in Lower East Side

Icon Realty Management through the entity 34 Ludlow Realty LLC paid Michelle Epstein as signatory’s 34 Ludlow Realty Corp $6.4 million for 61 Hester Street in Lower East Side. The deal closed on April 8, 2020, and was recorded on April 24, 2020. The transaction consists of 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 20 residential units. The property is 14,898 square feet. The parcel(s) have total development potential of 19,629 square feet.
The sale price per unit is $320,000.

The sale went into contract February 13, 2020. The property was last sold for $575,000 in 1994.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $43,700.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link