The former “Red Square” building on the Lower East Side, now known as 250 East Houston Street, has been put on the market by its current owners, The Dermot Company and Rockwood Capital. The asking price for the multifamily rental property is $115 million.
Located between Avenues A and B, the 13-story building is known for having once displayed an 18-foot statue of Vladimir Lenin. The statue was placed there by the original developers, Michael Shaoul and Michael Rosen, in the early 1990s as a reference to the area’s history of political activism. Rosen said, “I wanted to do something creative, fun, an homage to the history of the Lower East Side, which had been a hotbed of political thought.” The statue was removed in 2016 when the owners prepared to sell the building.
Dermot and Rockwood purchased the property in 2016 for about $105 million. After acquiring it, they spent $20 million on renovations, including changing the facade from red brick to white. The sale is being handled by JLL, with Rob Hinckley and Jeff Julien leading the process.
A one-bedroom apartment in the building is currently listed at $5,850 per month on StreetEasy.
Dermot has recently made other major real estate moves, including the $370 million purchase of 20 Exchange Place last year. Rockwood has also been active, putting its 2 Grand Central Tower office building up for sale earlier this summer with an asking price around $270 million.
Representatives for Dermot and Rockwood have not commented on the listing.
