Rat Castle Retail Hits the Market for $4M

Posted on: September 19th, 2017 at 5:09 am by

The notorious “Rat Castle” building on Ludlow Street is back in the news. This time for something as innocuous as a real estate listing.

Indeed, the owner of the ground-floor commercial condo at 179 Ludlow Street is looking to sell. The 1,650 square-foot space, currently home to national salon chain Drybar, is going for just over $4 million.

Cushman & Wakefield has the listing. And it’s interesting to note that that DryBar is still on the hook until 2026 with annual dole of $180,000 per year (with incremental increases).

The 1,650 SF unit features approximately 22′ of frontage, a 550 SF lower level, and 14′ ceiling heights. The space is currently leased to Drybar, a California-based blow-dry bar chain, which operates 69 stores across the United States and Canada. Drybar’s lease carries a corporate guarantee and runs through August 2026 paying $180,000/Year with 3% annual increases and reimburses 100% of the real estate taxes over base year 2016/2017. Drybar also pays 8% over a natural break point to the owner. The property benefits from a strong location, only steps away from neighborhood hotspots such as Mr. Purple, Whole Foods, Pianos, and the newly opened Public Hotel. Additionally, the property is located next door to a mixed use development site.

That new “development site” name-checked is none other than Ben Shaoul’s 196 Orchard Street. You’ll recall that the condo board allegedly restricted building access to the developer back in 2015, resulting in a subsequent lawsuit.

The Rat Castle nickname was coined by the Village Voice in 2008 due to the terrible infestation at the then-abandoned project, which broke ground in 2006. And remember that there was a time, albeit briefly, when Madonna actually considered opening a Kabbalah center here.

Recent Stories

Clayton’s Corner: Of Generations and Gentrification [PHOTOS]

As the unrelenting winds of the international corporate gentrification keeps eroding away the deep, rich, soil of our culture, it also disposes of “neighborhood” and “community.” It affects both collective memory and history. For example: changing the name of PS 122 into Performance Space New York obliterates the connection to the previous 30-year history. Another […]

Rumor: McNally’s ‘Cherche Midi’ to Close by Summertime

Renowned restaurateur Keith McNally last week sold his West Village townhouse for $10.3 million. Elsewhere, his Bowery hangout is rumored to shutter. Word on the street is that Cherche Midi, the three-year-old successor to Pulino’s Pizzeria is on the way out. A tipster tells us that management began telling staff of the impending closure – […]

East Broadway Walkup Fetches $7M

The East Broadway corridor adjacent to Essex Crossing is heating up. Case in point: the five-story tenement at 215 East Broadway, near Clinton Street, just traded hands for the princely price of $7 million. According to the city’s public transactions database, the buyer of record is apparently a resident of the adjacent building, named Ms. Wang. […]

Discovery of Asbestos at 85 Bowery Delays Return of Displaced Tenants

The discovery of asbestos during rehabilitation efforts at 85 Bowery has thrown a wrench in the timeline of return for exiled tenants. Roughly one hundred tenants (mostly low-income) remain homeless, now two months after the city ordered their eviction. This is all part of the latest chapter in a nasty dispute with controversial landlord Joseph […]

‘NYPL Sings’ Another Kids Record

Here’s a rare instance of bookworms making earworms. NYPL SINGS is the latest album to come out of the New York Public Library (yes, you read that correctly). It’s an upbeat record geared towards kids, but enjoyable for everyone (we’re partial to track 10,”The Library Song”). Each song represents a different way for caregivers to introduce their […]