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elson Management is seeking around $175 million for a 256-unit apartment building in the Two Bridges neighborhood. The property, located at 275 South Street, was acquired by Nelson Management and partners JP Morgan and L+M Development Fund in 2015 for $115 million as part of the area's transformation into a luxury neighborhood.

    The new owners invested over $20 million in renovations, upgrading amenities and curb appeal to cater to various income classes. The building has about 40% of its units covered by Section 8, with around 85% rented at market rates. A tax exemption for affordable housing renovations is also in place until 2055.

    The marketing team, led by Adam Spies and Josh King from Newmark, highlights the stability of market-rate rents and the growing appeal of the area, citing nearby developments like Extell's One Manhattan Square and Howard Hughes' 250 Water Street as examples.