The Chetrit Group is now the owner of 260 South Street, a forthcoming high-rise complex on the Lower East Side of Manhattan, following a $70 million acquisition loan from Madison Realty Capital. The waterfront development will eventually include 64-story and 74-story towers in the Two Bridges section of the neighborhood.
A new preliminary rendering of the development is a departure from earlier renderings, which were credited to Handel Architects.
260 South Street – Rendering by Handel Architects
When complete, the property will comprise 1,300 rental units, an unspecified collection of amenities, 16,000 square feet of retail space, and a parking component designed to accommodate 130 vehicles. The residential collection will offer a mix of studio, one-, two-, and three-bedroom units.
A portion of the apartments will be designated as affordable housing units.
“260 South Street will provide much needed housing in Two Bridges, a highly desirable area of Manhattan where there are significant barriers to entry,” said managing principal and co-founder of Madison Realty Capital Josh Zegen. “The East River waterfront is poised for growth, and we are excited to play a role in the development of new housing in the sub-market.”
Galaxy Capital Solutions arranged the transaction. Two Bridges Associates L.P., a partnership between L+M Development Partners and the CIM Group, was listed as property owner on applications filed with New York City’s Department of Buildings in 2016.
Those applications also name Handel Architects as the architect of record.
The project team has not announced when construction will break ground or when the development is expected to debut.
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The real question is who quickly are they going to flip this…