An Inside Look At The Ludlow, East Market's First Apartment Building
Want to get a jump-start on upcoming deals? Meet the major Philadelphia players at one of our upcoming events!
Bisnow toured the building May 16 with National Managing Director Dan Killinger, visiting staged versions of a two-bedroom, one-bedroom and studio unit as well as the amenity space on the third floor. The 18-story, 322-unit building is "introducing residential to Market Street, which is a big deal," BLT Architects principal Michael Prifti said.
BLT Architects designed the building, with the residential component on top of a two-story podium made up of retail, with a portion of the ground floor cut out for a tenant lobby, lounge and business center. Among the retailers below the residential component are MOM's Organic Market, AT&T and T.J. Maxx, which will take up most of the second floor when complete.
Though the property abuts Market Street, The Ludlow's entrance is aptly on Ludlow to prevent residents from being confronted with Market Street's hustle and bustle the second they exit the building. Move-ins started in April and the units were about 20% leased as of May 16, according to Killinger.
Greystar, the leasing agent for the Ludlow, is offering two months of free rent for June move-ins and one month free for August move-ins, which is in line with Class-A apartments across the city right now, Greystar General Manager Anthony Calabrese said.
The vast majority of apartments at The Ludlow — 234 of the 322 units — have one bedroom, range from 512 to 803 SF and rent for an average of $1,965 per month. There are 30 studio units ranging from 516 to 522 SF, renting for $1,770 per month, 28 junior one-bedroom units topping out at 586 SF and renting for $1,920 per month and 29 two-bedroom units ranging from 929 to 963 SF, renting for $3,170.
A handful of units are a little more expensive than the standard prices above because they have extra terraces, and some on the third floor let out to a private section of the elevated park.
The elevated park includes multiple grilling stations, an inflatable projection screen, a table tennis set and several loungers on the grass. Inside, the third-floor amenity space has billiards, a pet-grooming salon, multiple big screen TVs set up for gaming or viewing parties, a demo kitchen and dining room available for reservation (for a nominal fee). Also on the third floor is a fitness center with exercise machines and a yoga room.
The Ludlow's parking garage is in the basement and comes equipped with electric car charging stations, and the lobby is set up for an Amazon locker package delivery hub.
A second residential building at East Market is under construction, with part of it dedicated to furnished, short-term rentals. A City Fitness will take the entirety of the second-floor retail space once complete.
CORRECTION, AUG. 9, 2:15 P.M. ET: A previous version of this article credited an incorrect source for the top image. This article has been updated.