Price Chopping at Ludlow Residence
This image has been archived or removed.
Last month, the School of Visual Arts caused quite a stir when it boldly opened the Ludlow Residence to short term tenants through posts on Craigslist. This desperate move to recoup some much-needed cash was rather ill-timed, considering the rental market in the Lower East Side, as elsewhere in the city, is tanking. Indeed, since then, the asking price of their “convertible” two bedroom has dropped from $1,600 to $1,400 per month. Maybe this is an omen that the dorm will struggle to reach capacity once school starts in the fall.