Affordable Housing Complex at 265-267 Cherry Street is Sold
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265-275 Cherry Street, Photo: Google Maps
The affordable housing complex at 265-275 Cherry Street was just acquired for an undisclosed sum. Apparently, real estate firm CIM Group joined forces with L+M Development Partners for the transaction, its third city pickup this year. Additional terms of the deal were not revealed. The investment is being touted – in hindsight – as a “rare opportunity to invest in a stabilized, high-quality residential asset that has been institutionally-maintained.”
New ownership will reportedly maintain the property designation under section 8.
265-275 Cherry is a two-building property that consists of 490 subsidized housing units across 449,000 square-feet of rentable space. The development itself falls under the HUD section 8 program.
According to a press release on the purchase:
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.
Not listed in the email blast, though, is the eventual construction of a 183,700 square-foot palliative care facility in the parking lot. That equals 18 stories with 120 assisted living units, a geriatric outpatient medical practice, chapel, and space for a non-profit commercial tenant.
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