Related Fund Management has acquired 265–275 Cherry St., two 26-story towers with 490 units in Manhattan’s Lower East Side in the Two Bridges community. The financial terms were not disclosed.
CIM Group sold the approximately 450,560-square-foot affordable housing property with L+M Development Partners, its joint venture partner. The land parcel located at 260 Cherry St. was not included in the sale.
265–275 Cherry St. is a fully leased, Section 8 housing community originally built in 1979, which features one-, two- and three-bedroom units. Amenities include an onsite 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
