Sun Frontier Fudousan pays $16.5M to Canvas for 10-unit walkup in Lower East Side

Sun Frontier Fudousan Co. through the entity 245 Eldridge LLC paid $16.5 million to Canvas Property Group through the entity Eldridge 245 LLC for the 10-unit residential walkup building (C7) at 245 Eldridge Street in the Lower East Side, Manhattan. The expected use is cash flowing.
The deal closed on December 19, 2025 and was recorded on December 31, 2025. The property has 14,161 square feet of built space and 629 square feet of additional air rights for a total buildable of 14,800 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,165 and the price per buildable square foot is $1,114 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on December 20, 2018, for $14.2 million. The signatory for Canvas Property Group was Robert Morgenstern . The signatory for Sun Frontier Fudousan Co. was Michael A. Mulia . The contract date was November 10, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Sun Frontier Fudousan Co. purchased four properties in four transactions for a total of $32.9 million and has no record it sold any properties over the past 24 months.
The seller Canvas Property Group purchased four properties in two transactions for a total of $217.3 million and sold two properties in two transactions for a total of $23.4 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Robert Morgenstern, head officer and Eva Matos, site manager. The business entity is Eldridge 245 Llc. The 14,161-square-foot property generated revenue of $1.4 million or $99 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 10 residential units in Lower East Side has 14,161 square feet of built space and 629 square feet of additional air rights for a total buildable of 14,800 square feet according to a PincusCo analysis of city data. The parcel has frontage of 37 feet and is 100 feet deep with a total lot size of 3,700 square feet. The zoning is C4-4A which allows for up to 4 times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received three housing violations and $1,300 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of seven of the 11 commercial properties representing 138,850 square feet of the 179,526 square feet. The largest owner is NYC Department Of Education, followed by City Of New York and then Gatsby Enterprises.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 179,526 square feet of built space are specialty buildings, with walkup buildings next occupying 28 percent of the space.

The seller

The PincusCo database currently indicates that Canvas Property Group owned at least five commercial properties with 254 residential units in New York City with 180,493 square feet and a city-determined market value of $66.5 million. (Market value is typically about 50% of actual value.) The portfolio has $95.4 million in debt, borrowed from Tokyu Land Corporation and Greystone & Co.. Within the portfolio, the bulk, or 70 percent of the 180,493 square feet of built space are elevator properties, with walkup properties next occupying 30 percent of the space. The bulk, or 78 percent of the built space, is in Manhattan, with Brooklyn next at 22 percent of the space.

The buyer

The PincusCo database currently indicates that Sun Frontier Fudousan Co. owned at least four commercial properties with 47 residential units in New York City with 34,372 square feet and a city-determined market value of $15.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 87 percent of the 34,372 square feet of built space are walkup properties, with C3 properties next occupying 13 percent of the space. They are all located in Manhattan.

Direct link to Acris document. link