Ronald Burkle’s Yucaipa Companies pays $15M to Princeton Holdings for LES retail

Ronald Burkle’s Yucaipa Companies through the entity 137 Ludlow Gardens, LLC paid Joseph Tabak’s Princeton Holdings’s 137 Ludlow Holdings LLC $15.3 million for 137 Ludlow Street in Lower East Side. The deal closed on March 12, 2020, and was recorded on March 16, 2020. The transaction consists of 1 parcel, including the tax class retail building with apartments above (K4). The property is 9,777 square feet. The parcel(s) have total development potential of 9,777 square feet.
The average sale price per square foot is $1,565.

The last time the property sold was March 24, 2015, for $7,900,000. Last fall, Princeton took out an $8.4 million loan from Sterling National Bank backed by the property. Yucaipa assumed that loan as part of the acquisition.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,324,831. There was one renovation/alteration project (A2) applied for with a total estimated value of $150,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link