The building will have 256 apartments and several new amenities
In an area on the Lower East Side that’s quickly becoming an epicenter of high-rise development, Global One Investors, its affiliate, Nelson Management Group, and L+M Development Partners are now set to renovate a 19-story building located at 275 South Street. On Monday, the developers released new renderings for the project, which includes 256 rentals, half of which are for middle-income families.
The developers purchased the building, previously known as Lands End I, last year for an undisclosed sum, according to the Lo-Down. A development consortium including L+M Development Partners had also purchased Lands End II in 2013 for $279 million.
“We took much care in considering the needs and wants of our community and are proud to be able to provide first-rate amenities for the residents,” Robert Nelson, principal of Global One, said in a press release. “The property’s proximity to a growing and diverse roster of restaurants, galleries, and nightlife adds to the luxurious, yet affordable New York City living experience that both our established and new residents are looking for.”
Current residents will have the option to renew their leases and will have access to all the new amenities when the renovation project wraps up in early 2017.
The Two Bridges neighborhood that 275 South Street is located in has seen a tremendous influx of major real estate activity of late with Extell’s skyscraper One Manhattan Square and the recent announcement of a 900-foot tower developed by JDS at 247 Cherry Street.