Eldridge Street development sells for $19.24 million

Photo: Apple Maps

A major property development 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 below the original 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 Eldridge Street Apartments, the mid-block development was developed by vendor Schoolyard Enterprises and completed in 2002. The elevator building, designed by architects Melzer/Mandl, comprises eighteen units (each with outdoor space), three floors of retail space spanning approximately 10,000 square feet, and amenities such as a fitness center, laundry room, outdoor entertaining space, and terraces/balconies.

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

It currently houses the China-American Planning Council, which is a social service organization that “empowers Asian American, immigrant, and low-income communities in New York City.” The group is also behind the glittering 30-story tower atop the old Beth Hamedrash Hagadol site.

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