39-41 Eldridge Street

The Formation Team is pleased to present 39 Eldridge Street, a commercial building in the heart of Manhattan’s Chinatown/ Lower East Side corridor. This five story building is currently configured as four floor-through commercial spaces over ground-floor retail, 39 Eldridge Street is especially well-suited for a future condominium conversion and to capitalize on the opportunities presented by the City of Yes zoning initiatives, including potential utilization of additional FAR. - Building Overview The current configuration, efficient floorplates, and building scale make the property highly adaptable—whether for continued operation as commercial or as a conversion to residential condominiums with a retail or community-facility component. - City of Yes & Development Potential As New York City advances its City of Yes zoning text amendments aimed at unlocking housing supply and encouraging reinvestment in existing building stock, 39 Eldridge Street is poised to benefit. The property offers a compelling platform for a forward-thinking owner to explore: • As-of-right and potential enhanced residential use under the evolving zoning framework • Reconfiguration of existing layouts to maximize sellable condo square footage • Strategic legalization or optimization of residential density in line with future text changes - Condominium Conversion & Additional FAR 39 Eldridge Street is an attractive candidate for a boutique condo conversion, with the ability to create highly marketable one- and two-bedroom units appealing to both end-users and investors seeking downtown ownership product. The property already benefits from south-facing windows on the 4th and 5th floors (a third exposure) and offers the potential to add north-facing windows on all floors (a fourth exposure), significantly enhancing light, air, and overall residential desirability. Preliminary zoning analysis suggests potential for additional buildable square footage/FAR, allowing a purchaser to explore vertical extensions, rooftop amenity space, or penthouse levels (subject to a full architectural and zoning review, DOB approvals, and all applicable regulations). This combination of existing improvements, multiple exposures, and expansion potential offers a clear path to value creation. - Desirable Downtown Location Ideally situated on Eldridge Street in the core of Chinatown/Lower East Side, the property benefits from exceptional neighborhood demand and connectivity. Residents and future condo owners enjoy immediate access to Essex Crossing, Sara D. Roosevelt Park, an abundance of dining, grocery, and retail options, and nearby cultural destinations in SoHo and the Lower East Side. The building is convenient to multiple subway lines—including the B/D, J/Z, F, N/Q/R/W, and 6 trains—offering seamless access to Midtown, Brooklyn, and the Financial District. This central downtown location further enhances the appeal of 39 Eldridge Street as a long-term hold, condo exit, or phased redevelopment play.