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