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

BFC Partners developed the 79-unit property in 2002

New York /
May.May 12, 2016 01:02 PM

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.

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.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
From left: 140 and 142 West 4th Street, 63 West 104 Street and 37-30 Review Avenue in Long Island City (Google Maps; StreetEasy)

Mid-market muscles up: $154 million in deals last week

Mid-market muscles up: $154 million in deals last week
Phil Collins is in contract to sell his waterfront Miami Beach mansion amid a legal battle with his ex-wife, Orianne Bates. (Getty, Coldwell Banker Realty)

Phil Collins finds buyer for waterfront Miami Beach estate listed for $40M

Phil Collins finds buyer for waterfront Miami Beach estate listed for $40M
The Woolworth Building at 233 Broadway (Getty)

What office tenants pay at Witkoff & Cammeby’s Woolworth Building

What office tenants pay at Witkoff & Cammeby’s Woolworth Building
(Photos by Sonya Revell)

Paradise found: Can Francis Suarez make Miami the next Big Tech mecca?

Paradise found: Can Francis Suarez make Miami the next Big Tech mecca?
Corcoran to sublet 50K sf in IBM Building

Corcoran to sublet 50K sf in IBM Building

Corcoran to sublet 50K sf in IBM Building
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...