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Long-Stalled 179 Ludlow Coming Back to Life as Rentals

It's been four years since Two Funny Guys owned 179 Ludlow, but there's been no end to the funny business at the site. David Cross was handling the phones until the routine was disrupted by a bankruptcy auction. The winner, first-time developer Michelangelo Russo, plunked down $5.2 million (and a bunch of heated terraces). That was enough to catch Madonna's interest in the retail space, but not enough to finish the building, which quickly became a "rat castle." Only last week did lender Michael Goldberg finally succeed in getting the building's keys back, the Post reports. And he's planning something...shockingly normal: a rental! Cleanup at the site has already begun, and Goldberg hopes to have the rentals ready by the end of the summer. Here's hoping he keeps the heated terraces.
· Joint venture takes 685 Third Ave. [NYP]
· 179 Ludlow coverage [Curbed]