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
Placeholder image
Placeholder image
Placeholder image
Placeholder image
Placeholder image
Placeholder image
Placeholder image
Placeholder image
arrow_forward_ios

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

Loading...