CIM Group Purchases Lower East Side Community
- Dec 27, 2013
New York—Los Angeles-headquartered CIM Group has purchased 265-275 Cherry Street, a Section 8 HUD subsidized housing community in Manhattan’s Lower East Side. The acquisition was made in partnership with Larchmont, NY-based L+M Development Partners and was purchased through the organization’s preservation platform with City Community Capital.
The acquisition is on-par with CIM’s longstanding history of investment in communities located in dense urban areas. The 490-unit community has been institutionally maintained and will retain its Section 8 program designation.
Amenities and services at the community include an outdoor plaza, laundry facilities and community room, as well as 24-hour security. Subway and bus options are located within a few blocks of the property in addition to parks and other attractions such as South Street Seaport, Chinatown and East River Park.
CIM was interested in the Lower East Side, which has seen an influx in investment in the past few years, due to the neighborhoods diverse and rich history. These community characteristics fit the company’s investment model of urban districts that are ripe for economic expansion and include solid infrastructure and established transportation options.
265-275 Cherry Street marks CIMs third acquisition in lower Manhattan this year following the purchases of the 26-story office building, 2 Rector Street, and the 25-story office building, 5 Hanover Square.