Lower East Side 1,600-unit Affordable Housing Complex Trades for $84.5M
L+M Development Partners affiliate L+M Fund Management has acquired the 1,600-unit affordable housing complex known as Knickerbocker Village for $84.5 million, or about $52,813 per unit, from Stellar Management through an RETT/RPTT transaction, however it is unclear how long Stellar had owned the complex that was previously owned by Apollo Global Management until 2007. The 12-building, approximately 1.397 million-square-foot mixed-use complex is located in the Two Bridges section of the Lower East Side and bound by Monroe and Cherry Streets on the north and south and Market and Catherine Streets on the east and west. The executed agreement between the Knickerbocker Village Tenants Association, L+M Fund Management, and the state Division of Housing and Community Renewal, 100% of the rental units will remain permanently affordable; and new residents will be offered rents “at a range of income restrictions with an average of 80% of the area median income.” In addition, new ownership plans to invest $55 million towards renovations.