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

Talkin’ ’bout My Generation: Memories of Bill Graham and the Fillmore East

While working on our story about the new “Bill Graham and The Rock & Roll Revolution” exhibit at the New-York Historical Society, this reporter started collecting personal stories and memories of Graham’s legendary music venue, the Fillmore East. Located on Second Avenue and East 6th Street, the building began life in 1926 as The Commodore, […]

Chatham Square Library Closed for ‘Building Repairs’ Until Next Month

The Chatham Square Library is currently down for maintenance. The so-called “building repairs and improvements” are scheduled to last through February 29, with the library itself to reopen the following Monday (March 2). Until then, borrowers can return books and periodicals to the Seward Park branch just down East Broadway. The Chatham Square branch of […]

Hua Mei Bird Garden Receives Protective Fence from Flying Balls

You may have noticed the chain-link fence standing toward the Delancey perimeter of the sunken court on Broome Street. The Pit, as it’s nicknamed, was resurfaced with “sports coating” last summer, part of the city’s overarching attempt to redirect park space while the East River Park is bulldozed in the name of coastal resiliency. However, […]

‘Bill Graham and the Rock & Roll Revolution’ Opens at the New-York Historical Society

For many who grew up in a certain era, the name Bill Graham sparks Proustian memories of life-changing rock-and-roll shows. And if you were in San Francisco or New York City, the music impresario’s Fillmore concert venues were the greatest places in the world to see live music. Starting in 1965, Graham was booking and […]

Delancey Street Bodega Robbed at Gunpoint, Suspects at Large

Police are after two men suspected of holding up a Delancey Street bodega at gunpoint. The robbery – caught on camera – happened shortly before 4:30pm at the N&N Delancey Smoke Shop near the southwest corner of Allen Street. One suspect asked the clerk for cigarettes, while the other reportedly demanded money with an assault […]