MLS® ID: OLRS-0020675
165 Eldridge Street
Manhattan, New York, 10002 $21,000,000
** EMAIL FOR FULL SET UP ** Mixed-use, 32,700SF free-market elevator building with 18 Residential Units and 1 Retail Unit with 4.4% CAP Rate**
Compass has been retained exclusively to arrange for the sale of 165-167 Eldridge Street, which is a mixed-use elevator building in the Lower East Side.
The building measures 50 feet by 100 feet and is built full on the C4-4A zoned lot. This 32,7000 SF Building contains 18 residential apartments (12 - 1brs, 4 - 2brs, 2 - 3brs) and one 15,000 SF commercial space. Current ownership has been in place for 25+ years.
The subject property is located in the section of the Lower East Side that is leading the transformation from older businesses to a new generation of restaurants, retail and bars. The building is located in an enclave between Delancy and Rivington Street that is still unchanged compared to other sections of the Lower East Side.
Four blocks from the subject property is Essex Crossing, an unprecedented development compromising of 1.9 Million square feet of residential, commercial, and community space. The nine sites on six acres, commonly known as Seward Park Extension Urban Renewal Area (SPEURA), have sat mostly vacant since 1967 and represent of the most significant urban renewal developments in the history of New York City. Phased construction began in 2015 and is expected to be completed by 2024.