L+M Development Partners Picks Up Another Riverside Housing Complex at 257-271 South Street
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A year after acquiring the affordable housing complex at 265-275 Cherry Street, Essex Crossing co-developer L+M Development Partners just completed another Lower East Side transaction. Right next door, too.
Indeed, it was announced yesterday that L+M Development Partners purchased the 19-story mixed-income property at 257-271 South Street with a little help from its friends at Nelson Management Group. That’s an additional 260,000 square-feet under its collective belt. No price was given for the sale.
The plan is now to “make significant capital improvements to the property to reposition the building through common area upgrades, enhanced amenities and apartment renovations, while preserving it as a source of high-quality mixed-income housing in the Lower East Side.” Don’t believe the hype…
From the mailbag:
L+M acquired 257-271 South Street through the NYAH Preservation Fund, a joint real estate private equity platform with Citi Community Capital, which invests in multifamily housing in the New York City metro area, and in conjunction with Nelson Management Group’s Global One Real Estate Fund, which invests in existing value-add and core plus multifamily properties in New York City.
“L+M has a substantial commitment to the Lower East Side and we look forward to continuing our efforts to create and sustain quality, mixed-income housing for this special community,” said Eben Ellertson, Director of Acquisitions at L+M. “Our partnership with Citi has allowed us to strategically invest in the rehabilitation and preservation of thousands of affordable and middle-income units in the New York City area. We are pleased to collaborate with Nelson Management on this project, which will create reliable, sustainable homes and provide first-class property management to current and future generations of residents.”
The purchase of 257-271 South Street continues L+M’s track record of investment to help develop vibrant mixed-income communities in the New York City metro area. L+M and Nelson Management plan to make significant capital improvements to the property to reposition the building through common area upgrades, enhanced amenities and apartment renovations, while preserving it as a source of high-quality mixed-income housing in the Lower East Side.