Chetrit Group Acquires Development Site On 265 Cherry Street, Lower East Side For $78M

A development site located at 265 Cherry Street in the Lower East Side has been sold for a price of $78,000,000. The property was bought by Chetrit Group from sellers CIM Group and L+M Development Partners. This development site spans 313,410 square feet and has a price per buildable square foot (PPBSF) of $248.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $78,000,000
• Address: 265 Cherry Street
• Market: Lower East Side
• Buyer: Chetrit Group
• Seller: CIM Group & L+M Development Partners
• BSF: 313,410
• PPBSF: $248

The Chetrit Group acquired the development site at 265 Cherry Street from the sellers CIM Group and L+M Development Partners. This transaction represents a significant milestone for the Lower East Side market, highlighting the demand for development opportunities in the area.