Trouble At 179 Ludlow

In New York City, The Village Voice tells the story of 179 Ludlow, a seven-story cinderblock building, just footsteps from Katz's Deli on Houston Street, that was part of the construction boom in the trendy Lower East Side that owner Michelangelo Russo reportedly paid $5.2 million for the property 13 months ago.

According to the story:

Russo reportedly put about a million bucks into the building, installing European-style molding, white-marble bathroom counters, heated terraces, and a private roof deck in the penthouse. Unfortunately for Russo, before he could finish the project, he ran out of cash and is now facing foreclosure. One contractor was reportedly stiffed for $300K, according to the story. Once work stopped, the almost-finished building at 179 Ludlow fell into disrepair. The building was never properly sealed and soon began attracting rats. This excerpt from the story gives a glimpse of the conditions inside the building:

• In the abandoned building itself, rats have taken over, and a 2,000-square-foot retail space that could have brought in $25,000 a month is now ankle-deep in rat sh[**].

For the story, see Runnin' Scared: The Gentrification Project That Turned into a Rat Castle on Ludlow.