Affordable Housing Becomes Luxury Living: The “Repositioning” of Lands End 1 (Updated)
Things sure are becoming fancy in the Two Bridges neighborhood.
Back in February, L+M Development Partners and Nelson Management Group purchased the affordable housing complex known as Lands End 1 at 257-271 South St. for $115 million. It was built in 1977 as part of the Two Bridges Urban Renewal Plan. The 260-unit complex has been a mixed-income property for several years, with a significant block of apartments on the open market. At the time of the sale, the new owners said they planned:
…to make significant capital improvements to the property to reposition the building through common area upgrades, enhanced amenities and apartment renovations, while preserving it as a source of high-quality mixed-income housing in the Lower East Side.
If you look at the slick new website for Lands End 1, now going by the address 275 South St., that “repositioning” strategy is readily apparent. “It’s a new living experience,” prospective renters are told, with interiors “reimagined” by Ash NYC, a high-end design firm. Amenites include: Ceasarstone kitchen countertops, herringbone ceramic floor tiles and Restoration Hardware lighting. The site also boasts a landscaped rooftop by ORE Design + Technology, a 24-hour doorman and a resident workspace and lounge.
Two “no fee” apartments are currently listed on StreetEasy. There’s a 3-bedroom/2 bath unit on the 12th floor for $4769/month. A similar apartment on the 10th floor is priced at $4675. Bold New York is handling the rentals.
UPDATE 2/27 Here’s more on the makeup of the building between market rate and affordable apartments. The new owners agreed to reserve 50% of the units as affordable middle class housing for the next 40 years. Residents earning between 100% and 165% of Area Median Income (currently $86,300 for a family of four) are eligible. As previously reported, the building left the Mitchell Lama program in 2004, so until the new agreement was struck last year, no plan was in place to preserve the affordable units. The new amenities at 275 South St. are available to all residents.