FREO U.S. Management Acquires Mixed-Use Property On Lower East Side For $19.25M
165 Eldridge Street, New York City, New York 10002, United States
$19,250,000
$308/SF
Building Size
62,500 SF
Asset Type
Mixed-use
Closing
May 12, 2022
About this deal
AI
An office and residential mixed-use property located at 165 Eldridge St. in the Lower East Side has been sold for $19,250,000. The transaction took place on 05/13/2022. The property spans a total of 32,700 square feet, resulting in a price per square foot of $589. The buyer, FREO U.S. Management represented by Meng Lee and Karim Elsayyad, acquired the property from School Yard Enterprises, with Greg Kourakos as the seller.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $19,250,000
- Date: 05/13/2022
- Address: 165 Eldridge St.
- Market: Lower East Side
- Buyer: FREO U.S. Management - Meng Lee & Karim Elsayyad
- Seller: School Yard Enterprises - Greg Kourakos
- Buyer's Representatives: Robert Khodadadian, Daniel Shirazi, & Stephen Tang-Alcala - Skyline Properties
- Square Footage: 32,700
- Price per Square Foot: $589
The buyer of the property, FREO U.S. Management, was represented by their agents Robert Khodadadian, Daniel Shirazi, and Stephen Tang-Alcala from Skyline Properties. Their expertise and negotiation skills facilitated the successful acquisition of this mixed-use property in the Lower East Side market.
Players
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.82%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93