177 Ludlow Street Now on the Market
The Lower East Side building that currently houses Earth Matters on the ground level, 177 Ludlow Street, just hit the chopping block via Corcoran. Asking price for the five-story tenement is $6.25 million, which fetches the following:
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Mixed use building on a prime block of the Lower East Side with 15 residential units and one store on the ground floor. This is a hot location for retail, and the 3,500 sqft store + 1,000 sqft basement can be delivered vacant. Tremendous upside potential with heavy foot traffic and comparable store rentals going for much more. Purchaser will inherit solid residents (2 units can be delivered vacant).
That one sentence about “hot location for retail” is quite worrisome, especially considering the importance of having Earth Matters, a decade-old institution, anchor this decimated block. What’s more, the stout property is being pitched as a perfect opportunity for either a hotel or condo conversion. Two options this battered part of the neighborhood certainly does not need.
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Probably the only cool thing about this retail listing, actually, is the inclusion of way-outdated property photos. Most were shot around 2005, back when the stalled-out “Rat Castle” next door at 179 Ludlow wasn’t around. A time when Tats Cru had a revolving series of awesome murals.
Bonus shot, circa 2005:
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[Photo Credit: Jedman]
[via StreetEasy]
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