144 Ludlow Street

The subject property is a meticulously maintained elevator apartment building located on arguably the premier corridor of the Lower East Side. The property features 100’ of frontage along Ludlow Street and is comprised of two separate buildings which are connected through a private courtyard. In total, there are fifty-two (52) units totaling approximately 35,000 gross square feet. The front building contains forty-eight (48) units and the rear building has four (4) units. The building is currently receiving a J51 tax abatement which expires in June of 2027. During the life of the abatement all the units are subject to rent regulation guidelines. The unit mix currently consists of one (1) studio, forty four (44) one-bedrooms and seven (7) two-bedrooms. The buildings tenancy mix falls within three categories; units which are renting at market rents but are subject to rent regulation guidelines, rent stabilized units and units designated as being part of the Housing Development Action Grants or HODAG Program. Of the fifty-two (52) residential units; fourteen (14) can be rented at market rents, twenty-three (23) are rent stabilized, and fifteen (15) are currently designated as being part of the Housing Development Action Grant Program. Of the fourteen (14) vacant units three (3) have been recently gut renovated and converted from one-bedrooms to two-bedrooms. These units feature brand new kitchens with stainless steel appliances, new bathroom fixtures and beautiful hardwood floors. The Lower East Side offers residents a true 24/7 environment featuring some of the best night life, shopping and restaurants the city has to offer. Additionally, the property is positioned between two major Lower East Side thoroughfares, Houston and Delancey Streets; as such residents have convenient access to the F Subway line at 2nd Avenue and Delancey Street, as well as the J and M subway lines at Essex Street. This offering presents an excellent value add opportunity for an investor to achieve long term revenue growth in one of Manhattan’s strongest submarkets.