145 Ludlow, Former Timeshare Backyard Space, Sold For $5.7 Million
The past two summers, an empty lot at 145 Ludlow St. has become the “Timeshare Backyard,” a “rent-by-the-hour” special events space. But the parcel, formerly owned by Lower East Side real estate broker and developer Sion Misrahi, has sold for $5.7 million. The transaction was recently recorded by the city’s Finance Department. Now long-delayed plans for a six-story residential and commercial building on the site appear to be moving forward. David Howell, an architectural firm, is designing a luxury rental building with eight apartments and a 1900 square foot retail space. The new owner is listed as “145 Ludlow LLC,” with a Rhinbeck, New York mailing address.
According to the architect’s web site, the project is in the “permits and approvals phase with the Department of Buildings.” Until 2004, 145 Ludlow was the home of Collective:Unconscious, an important part of the LES’s former alternative theater scene. Misrahi demolished the building, but plans for the new project languished for several years. As recently as a year ago, the 3200 square foot lot, between Stanton and Rivington streets, was listed for $6.5 million.
In 2011, two events planners, Jacqui Kavanagh and Jessica Resler, got lots of publicity when they announced plans to rent the parcel out by the hour as a “suburban oasis.” On several occasions, artists were brought in to create installations. They repeated the “Timeshare Backyard” last year. The architects say they will be photographing the graffiti represented within the lot, or retaining it in some other way, to be used inside the new lobby. Completion is expected next year.