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New York

L+M buys East Village rental building for $44M

BFC Partners developed the 79-unit property in 2002

Eastville Gardens at 342 East 8th Street (inset: Ron Moelis)
Eastville Gardens at 342 East 8th Street (inset: Ron Moelis)

L+M Development Partners scooped up a 79-unit East Village rental building known as Eastville Gardens for $44 million, according to property records filed with the city Thursday.

The developer paid $44 million to owner BFC Partners, which finished developing the building at 342 East 8th Street in 2002. The seven-story building, Near Avenue C, has a mix of market-rate units and affordable housing. A Baptist church is also on the site, but doesn’t appear to be part of the deal.

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L+M declined to comment. BFC did not return a call seeking comment.

L+M, a major player in affordable housing construction in the city, recently helped buy the home of soul food restaurant Red Rooster Harlem for $21 million.

In April, the developer and the owner of J+R Music filed plans for a 54-story, 266,000 square foot mixed-use tower in the Financial District, nearly two years after pairing up to redevelop part of the site, which includes three buildings at 23-33 Park Row. The company is also teaming up with BFC and Taconic Investment Partners on the Essex Street Crossing redevelopment project, which is slated to open in 2018.

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