The Gothamist reports that "an off-Ludlow music venue with high ceilings, a mezzanine, a basement, and a capacity of 300" is selling off their lease. As they point out, the only two places that fit this description are the Annex and Fat Baby. My guess is the Annex, because it seems a bit empty there lately and Fat Baby has a big line of generic post-collegiate kids outside every weekend. Either way, no big loss to New York - all the cool has been tapped out of these places ages ago, if it was ever there to begin with.
Here's the original story.