Ludlow Street Development Site Next to ‘The DL’ Hits the Market for $18M
It’s one of the last scruffy edges of Ludlow Street that often rivals the corner of Broome and Allen Streets as being the smelliest on the Lower East Side. And now the property in question is being positioned for sale as a “development opportunity.”
89-91 Ludlow Street just hit the market last week for a scintillating $18 million. There are two parcels in question, comprising a three-story commercial building and the adjacent lot where wholesaler C&L Restaurant Supply currently operates (contributing to the unique olfactory cocktail here).
The listing promises that, if the sale price is met, the properties (51-foot by 88-foot total) will be delivered vacant.
As expected, many property owners in and around the Essex Crossing development area are cashing out. This is just another example. Call it a ripple effect, and one that likely hastens gentrification of the neighborhood at large.
Here is the broker-babble from Cushman & Wakefield:
The subject property has 51’ frontage on Ludlow Street and has a lot footprint of approximately 4,500 SF. The lot is in a split zone including C6-2A* and C4-4A. C6-2A* has a commercial FAR of 6.0, residential FAR of 5.4, community facility FAR of 6.5 and inclusionary housing FAR of 7.2. C4-4A has a 4.0 FAR for commercial, residential or community facility uses. The site would allow for approximately 24,760 BSF for commercial use, 22,735 BSF for residential use, 26,449 BSF for mixed use with community facility or approximately 28,800 BSF based on a development that incorporates inclusionary housing. The property has a curb cut in place as well as a 3 story commercial building with basement which will be delivered vacant at the time of sale.
The development of Essex Crossing is sure to position 89-91 Ludlow Street as a highly coveted building in one of the most exciting up-and-coming areas of New York City. Furthermore, 89-91 Ludlow Street benefits from easy accessibility to lower Manhattan and Brooklyn.