Lands End II Complex Sold to Related for $435M

Posted on: November 19th, 2020 at 5:03 am by

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.

Recent Stories

Uncapped: The Making of The Unauthorized Biography of Ree 2

Boogie Fam! It sure has been a while. Have you checked out the Bowery Boogie Uncapped (BBU) Podcast? Launched during the pandemic, we are now three seasons deep and chock full of interviews with graffiti pioneers, street artists, Boogie affiliates and most recently, a song debut. You know that country we emancipated from in 1776? […]

Teenager Attacked by Panhandler Asking for Dollar in East Broadway Station

The East Broadway subway station bolsters its reputation as haven of crime this week with reports that a teenager was attacked by an aggressive panhandler. According to police, at 8:15am last Sunday (September 12), an unknown man approached a 16-year-old boy asking for a dollar. When the teenager refused, the suspect followed, and muttered racist […]

Woman Threatens Customers with Stool at King Dumplings on Hester Street

Wednesday evening, a woman was spotted harassing customers at King Dumplings on Hester Street. Our tipster says that the belligerent demanded $10 from the group, and when she was ignored, grabbed a stool and threatened violence. Prior to that incident, the woman jumped on the hood of a livery cab. She also grabbed a person […]

The Ten Bells Rings in New Bushwick Bar

The Ten Bells is ringing in a new outpost – this time, not on the Lower East Side, but in Brooklyn. Bushwick, specifically. The natural wine bar has taken over a space that previously housed a Breaking Bad-themed coffee shop, Walter’s Coffee Roastery. The OG at 247 Broome Street is still alive and kicking, though […]

Graffiti Sheathed Burger King on Delancey Street Looks Burned Out [Updated]

Don’t call it a BK bust just yet. The Burger King on Delancey Street continues its devolution, but we are assured it remains operational. Despite its looks. Enveloped in graffiti and plywood boards for the majority of the pandemic (owing thanks to a car that landed inside the restaurant) the fast food joint had nevertheless […]