AFL-CIO Invests in Lands End II Housing

Posted on: December 22nd, 2010 at 10:50 am by

Affordable living on the Lower East Side just received a helping hand from the AFL-CIO Housing Trust Investment.  Thanks to a $90 million investment, the 490 low-income units in the Lands End II towers on Cherry Street will remain affordable. Citybiz Real Estate has the scoop:

This image has been archived or removed.

The AFL-CIO Housing Investment Trust has bought $90 million of the $175 million Fannie Mae mortgage-backed securities from Beech Street Capital in a refinance of the Lands End II development on the Lower East Side. The move will keep 490 units as affordable in the project’s twin 26-story towers.

Developed in 1979, Lands End II was New York City’s first Section 8 family project, developed by the Two Bridges Neighborhood Council in partnership with the Settlement Housing Fund. Many residents are union members, both retired and still employed.

Recent Stories

Shear Luck: FRED Salon Finds Refuge in the East Village

Another retail victim to report on upper Orchard Street. The FRED.nyc hair salon is now gone. According to signage on the shuttered security gate at 192 Orchard, the five-year-old business recently relocated to the East Village. The move to 40 East Third Street was a long time coming for eponymous owner Fred Connors, who braved […]

Grand Street Guild Files Plans for 15-Story Affordable Housing Tower

New towers are coming to Broome Street on the Lower East Side. Now we have sight of the first newcomer. Back in January of 2018, the Grand Street Guild nonprofit officially announced the imminent construction of two, as-of-right 15-story apartments on its property, plus a parking garage. All 400 of the proposed units are earmarked […]

TongKatsu Replaced by ‘Otaku Katsu’ on Rivington Street

Over on Rivington Street, TongKatsu becomes… …Otaku Katsu. Ben Tong, owner of the former, reportedly reassigned the lease after its shutter to husband-wife team Chef Dimitri Voutsinas and Christine Argao-Voutsinas. Otaku Katsu occupies the same below-grade space at 137 Rivington, and offers a variety of katsu and Japanese sando bentos, in addition to fresh made […]

DOT ‘Street Seat’ Goes Live Outside Dudley’s on Orchard Street

Just in time for the forthcoming return of Dudley’s, Orchard Street now boasts a new row of public seating. Beside another recently installed bike corral. And it’s all part of the city’s Street Seat program. More than a half-dozen tables and chairs are stationed between the corner of Broome down to Cafe Katja. As previously […]

Crowbar-Wielding Attacker Smashes Windows of Roni-Sue’s Chocolates on Forsyth Street [VIDEO]

Earlier this week, we reported on the dangerous conditions plaguing Forsyth Street amidst the city’s work on the subway system. The MTA is currently swapping out the ventilation plant fifteen feet beneath the roadbed along the eastern perimeter of Sara D. Roosevelt Park. Originally built in 1962, this section of the subway was identified as […]