Lands End II Complex Sold to Related for $435M
Related Companies finalized a deal this week to acquire two Section 8 affordable housing properties on the Lower East Side waterfront.
The $435 million transaction for Lands End II at 265-275 Cherry Street, first reported by the Real Deal, is touted as one of the largest multifamily deals to go through since the outset of the pandemic. They purchased the properties from the seven-year-old partnership of CIM Group and L+M Development Partners.
Lands End II contains roughly 500 units between the two buildings with rents backed by the federal Section 8 project-based voucher program. The $435 million price tag equates to about $870,000 per apartment.
As for the controversial development at its backside – the proposed 800- and 728-foot mixed-income towers designed by Handel Architects (260 South Street) – it’s not part of this deal. These new skyscrapers are still mired in a community-based lawsuit, despite the reversal of the separate City Council suit by the Appellate Division of the New York Supreme Court back in August.