CIM Group, L+M Development Sell Two Affordable Housing Buildings Totaling 490 Units in Manhattan


Pictured is one of the two 26-story affordable housing buildings at 265-275 Cherry St. in Manhattan. The properties were originally built in 1979.

NEW YORK CITY — A joint venture between Los Angeles-based CIM Group and L+M Development Partners has sold 265 and 275 Cherry Street, two 26-story Section 8 apartment buildings located on Manhattan’s Lower East Side that total 490 units. The properties were originally built in 1979 and feature one-, two- and three-bedroom units. Amenities include a community room, convenience mart, outdoor courtyards and playgrounds. The buyer was an affiliate of Related Cos. Cushman & Wakefield represented both parties in the transaction.

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