JP Morgan and its partners L+M Fund Management and Nelson Management are looking to cash in for roughly $175 million on a Lower East Side apartment building in Manhattan, according to a report from The Real Deal, citing an offering memo.
The property, called 275 South Street, was bought by the group in 2015 for $115 million. The trio has invested more than $20 million in renovations. Roughly 40 percent of the building's 256 units are covered by New York's Section 8 program, which provides assistance for low-income households. Also, approximately 85 percent of the apartment units are priced at marketing rates.
Amenities at 275 South include a 24-hour doorman, a residential lounge, a fitness center, a laundry room, a chef's kitchen, and parking.
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