NEW YORK, NY - CIM Group announced that Related Fund Management has acquired 265 - 275 Cherry Street, two 26-story towers with 490 units in Manhattan’s Lower East Side in the Two Bridges community. CIM sold the approximately 450,560-rentable-square-foot property with L+M Development Partners, its joint venture partner. The land parcel located at 260 Cherry Street was not included in the sale.
265 - 275 Cherry Street is a fully-leased, Section 8 housing community originally built in 1979, which features one-, two-, and three-bedroom units. Amenities include an on-site community room, a convenience store, and outdoor courtyards with playgrounds. The property is well located off FDR Drive, on the East River Esplanade in close proximity to public transportation including trains and buses with the nearest subway stop just two blocks away.
In 2014, L+M and CIM voluntarily entered into a 40-year regulatory agreement to preserve the asset as affordable housing for low-income households. Driven by the belief that every person deserves a quality home, Related is committed to maintaining and operating 265 - 275 Cherry Street as high-quality affordable housing.
Related has a long and proud history in affordable housing which has been a foundational element of the company since its formation. The company started exclusively as an affordable housing developer in 1972 and today is one of the largest private developers and preservationists of affordable and workforce housing in the country.
For more than 25 years, CIM has been an owner, operator, developer, and lender of real assets across North America, enhancing the communities in which it invests. For more than 10 years, CIM has been actively investing in New York City including properties such as 432 Park Avenue condominiums, 11 Madison office building, 15 William condominiums, 1440 Broadway office building, 16 Court office building, The Dominick Hotel, Front & York residential and retail development in DUMBO, and 111 Montgomery condominiums in Crown Heights.
Cushman & Wakefield represented both the seller and buyer in the transaction.
Source: CIM Group