138 Ludlow is an 21,500 square foot, six-story mixed-use building with approximately 48 feet of frontage on Ludlow Street (between Stanton and Rivington). The property lies in the epicenter of the LES, and two blocks north of the $1.9 billion, two million square foot Essex Crossing development. The Property’s 27 residential units consist of studios (4), one-bedrooms (1), two-bedrooms (6) and three-bedrooms (16), and two retail spaces at street level. The ground floor consists of 2 stores and 2 apartments. The remaining floors (two through six) contain 5 apartments per floor. Since current ownership acquired the Property in 2018, 138 Ludlow has undergone an extensive interior renovation with a scope encompassing both unit renovations and base building capex. The Property’s lobby, stairwells and 25 of the residential units have been renovated over the last few years. 22 of the Property’s 27 residential units are currently free market (81%) and. Two RS units are first rents at market. Today, approximately 90% of the Property’s residential income is derived from free market leases.