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New York

Area, Pembroke sell Lower East Side rental complex for $279M

CIM's Shaul Kuba and 265-275 Cherry Street
CIM's Shaul Kuba and 265-275 Cherry Street

The CIM Group has acquired Lands End II, a Lower East Side subsidized apartment complex, from Pembroke Real Estate and Area Property Partners for $279 million.

Area and Pembroke jointly bought the site at 265-275 Cherry Street in 2008 for $170.8 million. Earlier this month, Lands End II residents secured affordable rental rates for 40 years, as previously reported.

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Mortgage loan servicer Beech Street Capital arranged $175 million in financing for CIM.

Lands End II, built in 1979, features 449,000 square feet of rentable space.

Along with Macklowe Properties, CIM serves as sponsor of 432 Park, a 1,396-foot-tall building between East 56th and East 57th streets. [GlobeSt] — Mark Maurer

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Area Property PartnersCIM GroupLower East Side