Related Pays Reported $424M for Section 8 Towers

Related Fund Management has acquired 265 – 275 Cherry St., two 26-story Section 8 affordable towers with 490 units in the Two Bridges neighborhood on Manhattan’s Lower East Side. Although financial terms weren’t disclosed, Crain’s New York Business reported the acquisition price as $424 million. CIM Group sold the approximately 450,560-rentable-square-foot property with L+M Development Partners…

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Gillian Executive Search is a leader in Affordable Housing Development, Financing, Design and Construction recruiting. www.gessearch.com