Eldridge Street Development Sells for $19.24M

Posted on: May 20th, 2022 at 5:03 am by

Photo: Apple Maps

A major real estate deal to report on Eldridge Street.

It took three years, but the eight-story mixed-use building at 165 Eldridge traded last week for $19.25 million. Just under the initial 2019 asking price of $21 million. Buyer of record is Meng Lee and Karim Elsayyad of FREO Management.

The transaction is not yet in the city’s public record system.

Known as the Eldridge Street Apartments, the mid-block development was developed by seller Schoolyard Enterprises, and completed in 2002. The elevator building, designed by architects Melzer/Mandl, includes eighteen units (each with outdoor space), three floors of commercial space spanning roughly 10,000 square-feet, and amenities such as fitness center, laundry room, outdoor entertainment space and terraces/balconies.

165 Eldridge is located on a block dominated by houses of worship – three churches and a mosque between Rivington and Delancey.

It’s currently home to the Chinese-American Planning Council, which is a social services organization that “empowers Asian American, immigrant, and low income communities in New York City.” The group is also behind the glistening 30-story tower atop the old Beth Hamedrash Hagadol site.

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