Chetrit Buys LES Site With $70M Madison Realty Capital Loan
Commercial Observer reported that The Chetrit Group has secured $70 million of acquisition financing from Madison Realty Capital for a planned mixed-use multifamily development on Manhattan’s Lower East Side. 260 South Street is a fully planned Class-A property that will consist of a 64-story and 70-story tower, 1,300 multifamily units, 16,000 square feet of retail space and 130 parking spaces. The development will offer a mix of studio, one-bedroom, two-bedroom and three-bedroom units with modern amenities and views of Manhattan and Brooklyn across the East River. The property will be part of the Affordable New York program to offer affordable rents.