Taylor Mead Accepts Ben Shaoul Buyout at 163 Ludlow

Posted on: April 12th, 2013 at 6:10 am by
This image has been archived or removed.

The long battle between 88-year-old Taylor Mead and 163 Ludlow landlord Ben Shaoul is now officially water under the proverbial bridge. Rumors had been swirling that buyout negotiations were taking place these last couple weeks. But it’s all true. We received the following statement from Mead’s lawyer yesterday:

[Taylor] has vacated his Ludlow Street apartment and any conflict with his now former-landlord is behind him. Despite whatever battles took place in the past over conditions Mr. Mead lived with, it is worth noting for the record that he is satisfied and pleased with the deal he made involving the surrender of his apartment.

Surrender. Once again, the big money developer wins. Regardless, we wish him well in Denver, but hope he returns to the Lower East Side soon.

This image has been archived or removed.

In the meantime, let’s take a look at the math needed to legally destabilize this fifth-floor apartment. It was revealed that his rent was roughly $385. The maximum increase is the 20% vacancy plus a tiny percentage for each year over 8 years – maybe 5% max. We’re now at $469 (385 x 1.25). To raise the rent to the $2,500 threshold for destabilization, they would need to spend enough to raise the rent $2,031 legally. If there were improvements during vacancy, the landlord of a twenty-unit building can apply an additional adjustment of 1/40 the costs. So, there would need to be at least $80,000 in costs for that unit (40 x 2031).

Recent Stories

Ed Higgins Gets ‘Mail Art’ Retrospective at Van Der Plas Gallery on Orchard Street

Fresh off featuring his art in Ludlow Coffee Supply, the Van Der Plas Gallery of Orchard Street is now dedicating a full artist retrospective to the late Ed Higgins. Higgins, known as a pillar of the “Rivington School” movement in the 1980s Lower East Side, and for his unique “Mail Art,” died last December at […]

Hypebeast Officially Announces its Division Street Conquest

Hypebeast is hyped for the Lower East Side. The Hong Kong-based fashion and lifestyle publication, Hypebeast, is moving to the seven-story commercial loft building at 41-43 Division Street in due course. A vinyl banner stretched across the frontage announces the forthcoming arrival. Plans for the 21,000 square-foot space, and its conversion, have been in the works […]

Chinatown Garment Industry Hanging by a Thread

Once a hub of manufacturing for the city’s garment industry, there are only a few remaining factories in Chinatown from a peak in the hundreds. The localized industry, which once employed thousands of immigrant women and men, sparked an area restaurant boom in the 1970s. Yet, began to decline in the late 1980s when manufacturers started […]

Residents Unite Against Developer Plans to Swap Park for Parking on LES Waterfront

Residents on the Lower East Side waterfront may soon lose more publicly accessible outdoor space. The developer of a new super-tall plans to reduce a children’s playground to a parking lot. As excavation work commences on Chetrit Group’s 70-story, twin-towered development at 265 South Street, tenants in the adjacent building – Lands End II – […]

Chinatown Homeless Murder Suspect Still Awaiting Trial

More than two years since the horrific murder of four homeless men in Chinatown, the suspect has yet to be held accountable for the crimes. In the early morning hours of October 5, 2019 Randy Santos stalked, then allegedly bludgeoned to death Cheun Kwok, Anthony Manson, Florencio Moran and Nazario Vasqez-Villegas while asleep on the streets. In […]