Chetrit Closes on $78M Purchase of 70-Story Two Bridges Development Site
The deal is done. Developer Joe Chetrit is officially part of the Lower East Side waterfront.
Thanks to a $70 million loan from Madison Realty Capital, Chetrit acquired the CIM/L+M parking lot development parcel behind the Lands End II residential complex back in the fall. The deal closed last Friday for $78 million. (Prior reports indicated a final sale price of $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 previously filed with Department of Buildings, but remain disapproved.