Morgenstern Capital Acquires Mixed-use Property On Eldridge Street For $14.2M

Located at 245 Eldridge Street in the Lower East Side, this mixed-use property was recently sold in a closed transaction. The property consists of 10 apartments and 2 stores, offering a total square footage of 15,533. The sale price for this asset was $14,200,000, resulting in a price per square foot of $915. The buyer, Rob Morgenstern of Morgenstern Capital, acquired the property from the sellers, Morgan J Powell and Edward Welsh. The deal was facilitated by Shallini Mehra and Amit Doshi of Meridian Capital Group and Team Doshi, respectively.

Summary of transaction details

• Property Type: Mixed-use
• Transaction Amount: $14,200,000
• Address: 245 Eldridge Street
• Market: Lower East Side

Notably, this building is a 100% free market building and underwent renovations in 1982. The transaction yielded a cap rate of 3.9%. Amit Doshi and Shallini Mehra played pivotal roles in originating the sale through Besen Group.