With new condominiums, restaurants, hotels and retail stores opening in droves, the Lower East Side’s Ludlow Street is changing fast.
“I think what makes New York special is that it is always changing and constantly growing,” Jake Dell, a co-owner of Katz’s, which recently sold its air rights to developers, told the New York Observer. “Change is not always bad. It’s just different, and that’s what makes some people upset.”
The once-gritty street has largely given way to posh professionals with disposable income.
Ariel Tirosh, a broker at Douglas Elliman who is marketing the condominiums at 179 Ludlow St. and 100 Norfolk St., told the Observer that about 50 to 55 percent of the inquiries on the latter development have been from 20- to 30-year-old professionals.
“I think the success of the nightlife scene has attracted more daytime business the last few years,” he said. “When you see a vibrant cafe culture developing, buyers become more confident.”
However, turnover for small retail spaces has been high on Ludlow, because of little weekday foot traffic attributed to the lack of area offices. There are currently about half-a-dozen empty storefronts on Ludlow Street, according to the Observer. [NYO] – Christopher Cameron