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This image has been archived or removed.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

Jing Fong Workers Protest Dining Room Closure and Rumored Shutdown

Despite the brisk weather, several dozen union members and Jing Fong employees rallied Tuesday morning in front of the East West Bank on Centre Street to save save the iconic dim sum restaurant. Advocates called on the Chu family, which owns the Elizabeth Street property (and the aforementioned bank), to stop killing Chinatown and to keep […]

Forever Stalled Delancey Street Condo Tower is Finally Rising

Stop the press – there is actual real world progress to report on a long-stalled development at the east end of Delancey Street. The 12-story “boutique condo” at the corner of Delancey and Pitt Streets has seen some serious progress in recent months, after spending most of its life cycle as a stalled steel skeleton. […]

Asian Man Pummeled Outside East Broadway Station in Latest Biased Attack

An Asian man was assaulted in an unprovoked attack outside the East Broadway subway station Tuesday night, adding to a recent spate of biased assaults against Asians across the city. Cops said the 56-year-old victim was entering the F train station – the Rutgers Street entrance by Woo’s Wonton King – at about 8:50pm when […]

NY PopsUp with Performances at Essex Crossing

A small crowd gathers outside the entrance to the International Center of Photography on Essex Street. Rain be damned. Music blares onto the street. Inside the sparse Essex Crossing storefront, behind plate-glass windows, a group of dancers prance around to the rhythm. The weekend spectacle was part of NY PopsUp, the months-long festival billed by […]

Lady Gaga’s Former Lower East Side Apartment is Back on the Market

The Lower East Side apartment formerly inhabited by Lady Gaga before she was famous is again available for rent. The one-bedroom abode at 176 Stanton Street (#4A) is currently listed for $2,000 per month via StreetEasy, and has been on the market for about thirty-five days. And the broker babble was recycled from past listings. […]