08/04/2011 05:03 pm ET | Updated Oct 04, 2011

'Backyard Timeshare' Offers LES Green Space For $50/Hour (VIDEO)

Can't find a green space to throw your next barbecue? Need a place to kick back and take in some rays? Do you somewhere to slip n' slide?!

Look no further than the empty lot at 145 Ludlow Street in the Lower East Side, where a group called The Participation Agency will open up a "Backyard Timeshare" on August 11th--3200 square feet of grass space that you and your friends can rent for $50 an hour.

"I love New York more than anything -- but some days in the summer, getting out to the beach is a hassle and getting to Central Park is a hassle," Jacqui Kavanagh, 24, the creator of the experiment, told The New York Post.

"I know this sounds crazy at first reading. But it's one of those things that can only be in New York," she added.

If it sounds too good to be true, there are some caveats.

For starters, there's a max of 30 people and you can only party til 8pm (The LES does not like late night rabble-rousers these days).

Also, clients will be required to rent all equipment from the agency, and this is where things get pricey. Gothamist looks at the prices, and notes that with a "Slip ‘n’ Slide costing $100, a kiddie pool $200, a grill with all the works for 10 people is an extra $150, and a live band starting at $5,000!" it might be better after all to go to Floyd Bennett Field--or even just Prospect Park. You know, for free.

Other yet to be priced accoutrements include tiki-toches, super-soakers, water balloons, a pogo stick, sparklers and "a girl in a white tee to spray with a hose".

But perhaps the biggest caveat of all? The Backyard Timeshare has no liquor license, according to the Post, and cannot yet serve alcohol legally. This has not stopped them, however, from advertising kegs, beer pong tables and beer cozies on their flier.