NEW YORK, NY – CIM Group announced that Related Fund Management has acquired 265-275 Cherry Street, two 26-story towers with 490 units on Manhattan's Lower East Side in the Two Bridges community. CIM sold the 450,560 square meter property together with L + M Development Partners, its joint venture partner. The property at 260 Cherry Street was not included in the sale.
265-275 Cherry Street is a Section 8 fully rented shared apartment originally built in 1979 and featuring one, two, and three bedroom units. Amenities include an on-site communal lounge, supermarket, and courtyards with playgrounds. The property is conveniently located on FDR Drive on the East River Esplanade in close proximity to public transportation including trains and buses. The nearest subway station is 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 everyone deserves a quality home, Related is committed to maintaining and operating Cherry Street 265-275 as high quality, affordable accommodation.
Related has a long and proud history in affordable housing which has been a fundamental element of the company since its inception. The company began in 1972 exclusively as an affordable property developer and is now one of the largest private property developers and preservationists of affordable housing and housing for workers in the country.
CIM has owned, operated, developed, and leased real estate across North America for more than 25 years, empowering the communities in which it invests. For more than 10 years, CIM has actively invested in New York City, including properties such as 432 Park Avenue condos, 11 Madison office buildings, 15 William condos, 1440 Broadway office buildings, 16 court office buildings, The Dominick Hotel, Front & York Residential and Retail development in DUMBO and 111 Montgomery condos in Crown Heights.
Cushman & Wakefield represented both the seller and the buyer in the transaction.
Source: CIM group