The Real Deal New York

L+M buys LES apartment building for $115M

Developer plans to preserve the building's affordable housing
By Kyna Doles | February 26, 2015 02:00PM

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.