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East Village's Red Square rental braces for major changes

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The development is getting a new name after it sold for a reported $100 million

Back in August, the Post reported the East Village’s quirky Red Square rental building had gone into contract for a reported $100 million, and now EV Grieve confirms that the rumors are true. Though the terms of the deal have not been released, the building has officially sold to 250 Houston Investors, LP, and will be managed by the Dermot Company.

In preparation for the sale, the 18-foot Lenin statue that topped the building was removed, though it turned out he was only being relocated to the nearby rooftop of 178 Norfolk Street, another East Village building owned in part by Red Square developer Michael Rosen.

Other changes to the building—which has gotten the far less interesting moniker 250 E. Houston St—may be more troubling. A current resident told EV Grieve that under the new management, staff salaries have been cut by 30 percent:

“The doormen were making around $16/hour, now cut to $11. They were given ONE DAY to accept or leave. Not being union employees, they had little choice.”

On the bright side, the new management will be replacing the long-treacherous elevators, which have “been malfunctioning for more than a year,” according to another resident said. “There’s even a rumor that they are going to take both offline to do that.”

So clearly, changes are afoot. EV Grieve notes that the building has two units up for rent: a 2-bedroom with a terrace, for $4,875 a month, and a more modest 1-bedroom listed at $3,000.

Red Square Building

, New York, NY 10002