Source: CIM Group / #Affordable #Housing
NEW YORK, NY - CIM Group announced the acquisition of 265-275 Cherry Street, a two-building residential property consisting of 449,000 rentable square feet located in Manhattan’s Lower East Side. CIM Group partnered with L+M Development Partners through its preservation platform with Citi Community Capital in the acquisition.
The property consists of 490 subsidized housing units under the Section 8 HUD program. It represents a rare opportunity to invest in a stabilized, high-quality residential asset that has been institutionally-maintained, and is located in Manhattan’s burgeoning Lower East Side neighborhood. The new ownership will ensure that the property maintains its designation under the Section 8 program.
The property features 24-hour security, an outdoor plaza, laundry facilities, and a community room. It is conveniently located within blocks of subway and bus transportation, the Manhattan and Brooklyn Bridges, and the FDR Drive. The surrounding area features many parks and is also near such popular attractions as East River Park, South Street Seaport, and Chinatown.
The Lower East Side is a vibrant and diverse community rich in history that has attracted significant investment over the past several years. CIM identified the Lower East Side as a qualified community that possesses the attributes that fit CIM’s investment model, which focuses on urban districts positioned for economic expansion with solid infrastructure and transportation networks. CIM has been involved in the New York metropolitan area for more than a decade and made its first acquisition in Lower Manhattan in 2010 with 15 William Street, a 47-story residential condominium. This acquisition is CIM’s third this year in lower Manhattan, including the June acquisition of 2 Rector Street, a 26-story office building, and the August acquisition of 5 Hanover Square, a 25-story office building -- both located approximately 1.5 miles from 265-275 Cherry Street. Some of CIM’s other New York City investments include 432 Park Avenue, 737 Park Avenue, Halcyon (at 305 East 51st Street), One Madison Park, 47 E. 34th Street, 225 Fifth Avenue, and 11 Madison.