L+M Development Partners and Nelson Management Corp. jointly acquired a 256-unit apartment building at 257-271 South Street on the Lower East Side for $115 million, according to property records filed with city today.
The New York Affordable Housing Preservation Fund with Citi Community Capital provided L+M with funding to acquire the 19-story building from the Midtown East-based investment firm the Starrett Corporation.
The affordable housing building spans 236,065 square feet and is adjacent to a 490-unit apartment building at 265-271 Cherry Street that L+M purchased in praetorship with CIM Group in 2013.
Shimon Shkury, Victor Sozio and Jesse Deutch of Ariel Property Advisors represented both sides in the deal.