Landlord John Casalinuovo sold 116 Mott Street for $22.6 million, possibly spelling the end of a patriotic tradition in the Lower East Side.
The property, at the corner of Hester Street, is a six-story building with 30 apartments, according to city data. Over the years, the structure has become a neighborhood attraction. The property is home to the “Ground Zero Flag,” a 60-foot long American flag that commemorates the 9/11 terrorist attacks.
The flag, which has been put on display every September for the past 17 years, is a replica of the one hung outside the Brooks Brothers store during 9/11. The store, at the base of 1 Church Street, became a temporary morgue after the attacks.
The buyers of 116 Mott Street are Chinese investors Lee Pan Realty and MJ Group Holdings, LLC, an entity managed by Jie Wang. The partners are funding the acquisition with an $11.3 million loan from Signature Bank, according to property records filed with the city on Tuesday.
Lee Pan also owns 126 Hester Street, a six-story building three blocks away.
Casalinuovo did not immediately return requests for comment.