Marolda Properties Flips 144-150 Ludlow Street for $24M
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144-150 Ludlow St., September 2011
Marolda Properties, notorious in these parts for alleged harassment, just ditched their Hell Square holdings at 144-150 Ludlow Street. It’s the second time in as many years that this pseudo-gated rental complex has changed hands. Akelius Real Estate Management, a subsidiary of Swedish investment firm Akelius Residential Property, forked over $24 million in the acquisition. The deal represents the first foray into the Manhattan real estate market for the company.
A majority of the 54 units in these three contiguous buildings are rent regulated. Roughly 76%, according to previous real estate listings for the site.
Marolda first picked up the property in 2013 for $11.9 million, and this week flipped the property for more than double the value.
144-150 Ludlow had been on the market for the better part of a year with the asking price of $32 million. Marolda ultimately settled for $8 million less.