Investment Overview

Marcus & Millichap is the exclusive sales broker for 115 & 117 Ludlow Street (the “Property”), two adjacent mixed-use walk-up buildings between Rivington and Delancey Streets on the Lower East Side. 115 Ludlow Street is built 20 feet by 70 feet on a 20-foot by 88-foot lot; 117 Ludlow Street is built 25 feet by 74-feet on a 25-foot by 88-foot lot. Both properties are zoned C4-4A, have minimal unused development rights and are not part of a historic district. The Property’s unit mix is comprised of one large commercial space and eighteen apartments (115 Ludlow has eight two-bedroom apartments; 117 Ludlow has ten three-bedroom apartments). The commercial space occupies the ground floor of both buildings and is approximately 2,900 square feet; it was formally occupied by ownership’s grocery store and is now vacant. The Property offers an investor the opportunity to take over a long-term-family-owned building in order to professionalize management operations and increase cash flow. There are also many options for upgrading the retail space in a sub-market known for its restaurants and nightlife. The Property is located in the center of the Lower East Side, one of the city’s most hip and edgy neighborhoods. It is surrounded by apparel boutiques, critically acclaimed restaurants, and popular nightlife that attract a high volume of foot traffic to the immediate area. The Property is two blocks from the subway station at Delancey-Essex (F, M, J, Z lines) as well as from Essex Crossing, a 1.65-million-square-foot development anchored by 1,000 units of housing, 250,000 square feet of office space, Essex Street Market, a rooftop urban farm, the Andy Warhol Museum, and a diverse mix of retail space.