CIM Group has bought a large retail space at 225 Fifth Avenue for $80 million, Crain’s reported. The real estate investment firm bought the 40,000-square-foot space, located on the northwest corner of Madison Square Park between West 26th and West 27th streets, from Extell Development, which in recent years had converted the property into luxury condominiums.
The space, which sold for $2,000 a square foot, is currently leased to a Chase bank and a 24 Hour Fitness Gym. Adam Spies and Doug Harmon of Eastdil Secured arranged the sale.
In September, CIM and developer Harry Macklowe broke ground on 432 Park Avenue, one of Manhattan’s most-hyped new condo projects. The company also owns 11 Madison Avenue, which it hopes to sell for over $1 billion. [Crain’s] – Hiten Samtani