Marolda Properties Looking to Flip 144 Ludlow Street for $32M

Posted on: February 6th, 2014 at 5:35 am by

This image has been archived or removed.

144-150 Ludlow St., September 2011

Back in September 2011, Eastern Consolidated placed 144-150 Ludlow on the market for $15.9 million. The property was snapped up two years later by Marolda Properties for a price-chopped $11.9 million. Now the owner is flipping it for nearly triple what was paid. That’s right; a whopping $32 million!

The quasi-gated midblock parcel, which actually consists of two adjoining buildings, is stocked with fifty-two total units – one studio, seven two-bedrooms, and forty-four one-bedrooms. However, 76% of the apartments at 144 Ludlow are rent regulated.

Massey Knakal is repping the sale on behalf of Marolda, noting that this part of Ludlow is “arguably the premier corridor of the Lower East Side.” Locals know the real deal, though, unequivocally dubbing it Hell Square.

The unit mix currently consists of one (1) studio, forty-four (44) one-bedrooms and seven (7) two-bedrooms. Of the fifty-two (52) residential units; thirteen (13) can be rented at market rents, but are subject to the rent regulation guidelines for the remaining life of the J-51 abatement, twenty-four (24) are rent stabilized, and fifteen (15) are currently designated as being part of the Housing Development Action Grant Program through 2027. Ownership has just completed renovating three (3) of the vacabt units, which included converting them from one-bedrooms to two-bedrooms. These units have been completely gut renovated and feature high end stainless steel appliances, new bathrooms, HVAC systems and new hard wood floors. The property currently generates gross revenue of approximately $1.4 million including projections for the vacant units.

The property currently generates gross revenue of approximately $1.4 million including projections for the vacant units.

Recent Stories

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 […]

Excavation Begins for 70-Story South Street Towers

Cranes, and plywood, and pile-drivers, oh my! Such is the story down on the Lower East Side waterfront. Department of Buildings on April 12 issued official approval to the Chetrit Group to begin foundation activities for its dual 70-story tower at 265 South. A month later, the big trucks are mobilized. While excavation is now […]

For 7th Year Running, Greek Jewish Festival Returns to Broome Street this Weekend

After a more subdued outing last year, the Greek Jewish Festival this spring is on the rebound, pulling out the stops. It returns on Sunday for another go-round. Founded by Kehila Kedosha Janina on Broome Street seven years ago, the event celebrates the culture and traditions of the Greek Jewish community. Years past saw crowds […]