CIM Group Acquires Gramercy Tower
- Mar 08, 2017
New York—CIM Group has acquired the Gilman Hall property, which includes the 146,000-square-foot Gilman Hall Tower and contiguous parcels in Manhattan, from Mount Sinai Beth Israel Hospital for a reported $90 million.
“The Gilman Hall site represents an exceptional opportunity to reposition and modernize a significant property in an exciting location currently experiencing substantial public and private investment,” Avi Shemesh, CIM Group’s co-founder and principal, said. “While the surrounding neighborhood offers desirable amenities and excellent public transportation that complements a variety of potential uses, we believe the site is particularly well suited for a student housing and educational facility use for which several institutions have expressed interest.”
Originally constructed in 1969, the Gilman Hall Tower stands 24 stories high and is located on the corner of First Avenue and East 17th St. in Gramercy. The site is zoned for approximately 225,000 square feet, including a combination of community facility, residential and commercial uses.
Mount Sinai Beth Israel Hospital vacated the former medical resident housing facility recently and plans are to reinvest the proceeds from the sale into the new Mount Sinai Downtown Network and new Mount Sinai Beth Israel Hospital.
CIM Group has invested in the New York metropolitan area a great deal over the past 10 years, including projects at 11 Madison Ave., 432 Park Ave., 737 Park Ave, Halcyon (at 305 East 51st St.), 225 Fifth Ave., 100 Barclay, and 15 William St.
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