L+M buys LES apartment building for $115M

Developer plans to preserve the building's affordable housing

From left: 257-271 South Street and L&M’s Ron Moelis
From left: 257-271 South Street and L&M’s Ron Moelis

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.

Sign Up for the undefined Newsletter

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.