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144-150 Ludlow Hits the Open Market
Two adjoining six-story buildings at the head of Ludlow Street are now on the chopping block via Eastern Consolidated. According to the real estate firm, this mid-block “gated” community at 144-150 Ludlow is carrying a price tag of $15.9 million. The century-old property boasts fifty-two total units, stocked with five studios, seven two-bedrooms, and forty one-bedrooms.
From the release:
The 52-unit complex [was] the recipient of a variety of government subsidized financing programs and real estate tax abatements, which has resulted in substantial capital improvements to the properties.
“Although current rents are regulated, once the prescribed programs terminate, the complex will be able to de-regulate to free market,” shared [Vice Chairman] Mr. Ezratty.
Or, in layman’s terms, jack the rent to force out some longtime tenants in favor of price-gouging market rates.