In a transaction that fetched $11.85 million on the gentrifying Lower East Side, a four-building affordable residential housing complex at 144-150 Ludlow Street has just traded to Marolda Properties, a local New York City-based owner/operator of multifamily properties.
Eastern Consolidated Vice Chairman Brian Ezratty, Associate Director Nancy Tran and Director Financial Services Scott Ellard with Aliza Avital represented seller Ludlow Associates in the sale of the building complex, which features an interior courtyard for the exclusive use of the tenants occupying its 52 units. Mr. Ezratty and Ms. Avital also procured the buyer.
Comprised of five studios, 40 one-bedrooms and seven two-bedroom apartments, the complex consists of a single building that was originally four adjacent properties, combined several years ago so that they could all take advantage of an elevator installation. The property, one side five stories, the other six, fronts the east side of Ludlow Street between Stanton and Rivington. In addition, there is a four-story walk-up property in the rear. The 40,000-square-foot complex breaks down to 34,000 square feet for the front building and 6,000 square feet for the rear building.
“Units are rent regulated for the duration of tax abatements, and 15 of the apartments will maintain their status as affordable until 2025,” noted Mr. Ezratty, “giving the new owner a tremendous opportunity to take advantage of the increasing difference between existing rents and future market rents as the neighborhood continues to improve.”
Traditionally an immigrant, working class neighborhood, the Lower East Side has undergone rapid gentrification into a trendier hood and is now home to upscale boutiques and trendy dining establishments. Restaurant landmarks include Katz’s Deli, Guss’s Pickles, Kossar’s Bialys, Russ and Daughters and now the area offers vibrant nightlife with venues like The Bowery Ballroom on Delancey Street and the Mercury Lounge on East Houston. Transportation is excellent, the area is serviced by the B and D lines to Grand Street, the F, and V to Second Avenue, the J and M lines to Bowery and the 6 to Broadway/Lafayette.
John Kelly Esq. and William Lang Esq. of Nixon Peabody acted for the seller, while Michael Coritsidis Esq. of Coritsidis and Lambros represented the buyer.
