Chetrit Buys into Two Bridges Waterfront While Starrett Lists for $100M

Posted on: November 29th, 2021 at 5:00 am by

The future coastline, Photo: SHoP Architects

No longer hamstrung by the courts, the unbuilt Two Bridges towers on the Lower East Side waterfront are changing hands. In the span of a week, one of the three major developers sold its stake while another looks to do the same.

Mere days before the Thanksgiving holiday, word broke that Joe Chetrit acquired the CIM/L+M parking lot development parcel behind the Lands End II residential complex for a whopping $100 million.

Still unbuilt, plans for the skyline altering building call for seventy stories containing roughly 1,350 apartments with more than 300 earmarked as affordable; retail spaces are also anticipated on the Cherry Street front, including the possibility of a grocery or pharmacy. Permits for the two-towered behemoth (officially, 265 South Street) were filed with Department of Buildings just a month prior.

CIM/L+M had acquired the apartment building and its lot way back in 2013, and sold off the former to Related in November 2020 for $435 million.

Starrett’s 259 Clinton Street

Chetrit had been in talks earlier to acquire the site with Michael Stern’s JDS Partners, who is developing a building in the neighborhood at 247 Cherry Street. But those negotiations fell apart.

A similar fate awaits the Starrett development at 259 Clinton Street, which was listed on the open market earlier this month, also looking to fetch $100 million.

At 718 feet tall, the 718-foot-tall skyscraper will pierce the sky (like One Manhattan Square to the south) from one of the “last developable submarkets south of 96th Street,” according to materials from brokerage of record Eastdil Secured.

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