Affordable Housing Complex at 265-267 Cherry Street is Sold

Posted on: December 24th, 2013 at 6:00 am by

This image has been archived or removed.

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.

Recent Stories

Talkin’ ’bout My Generation: Memories of Bill Graham and the Fillmore East

While working on our story about the new “Bill Graham and The Rock & Roll Revolution” exhibit at the New-York Historical Society, this reporter started collecting personal stories and memories of Graham’s legendary music venue, the Fillmore East. Located on Second Avenue and East 6th Street, the building began life in 1926 as The Commodore, […]

Chatham Square Library Closed for ‘Building Repairs’ Until Next Month

The Chatham Square Library is currently down for maintenance. The so-called “building repairs and improvements” are scheduled to last through February 29, with the library itself to reopen the following Monday (March 2). Until then, borrowers can return books and periodicals to the Seward Park branch just down East Broadway. The Chatham Square branch of […]

Hua Mei Bird Garden Receives Protective Fence from Flying Balls

You may have noticed the chain-link fence standing toward the Delancey perimeter of the sunken court on Broome Street. The Pit, as it’s nicknamed, was resurfaced with “sports coating” last summer, part of the city’s overarching attempt to redirect park space while the East River Park is bulldozed in the name of coastal resiliency. However, […]

‘Bill Graham and the Rock & Roll Revolution’ Opens at the New-York Historical Society

For many who grew up in a certain era, the name Bill Graham sparks Proustian memories of life-changing rock-and-roll shows. And if you were in San Francisco or New York City, the music impresario’s Fillmore concert venues were the greatest places in the world to see live music. Starting in 1965, Graham was booking and […]

Delancey Street Bodega Robbed at Gunpoint, Suspects at Large

Police are after two men suspected of holding up a Delancey Street bodega at gunpoint. The robbery – caught on camera – happened shortly before 4:30pm at the N&N Delancey Smoke Shop near the southwest corner of Allen Street. One suspect asked the clerk for cigarettes, while the other reportedly demanded money with an assault […]