Related buys Chinatown affordable from CIM, L+M for $423M

Related Companies through Hp Cherry Street Housing Development Fund Company, paid CIM Group and L+M Development Partners through the entity Endland LLC $424.0 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 490 residential units at 265 Cherry Street in Chinatown. The deal closed on December 28, 2020 and was recorded on January 12, 2021.
The building is known as Lands End II and the units are supported by Section 8 project-based voucher program. The sale was brokered by Cushman & Wakefield’s Adam Spies, Doug Harmon, Josh King, Adam Doneger, Marcella Fasulo and Kevin Donner.  The last time the property sold was November 27, 2013 for $279,315,405.
The property contains a total of 657,592 square feet of built space.
Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $1,243,900.

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