Tax-assessed value of CIM Group’s Trump Soho condos is $102M

LA-based firm may consider running property solely as hotel

From left: Trump Soho Hotel, CIM founders Avi Shemesh and Shaul Kuba
From left: Trump Soho Hotel, CIM founders Avi Shemesh and Shaul Kuba

UPDATED, 3:23 p.m., August 7: The tax-assessed value of the 263 residential condominium units owned by CIM Group at the Trump Soho is $102.3 million, according to property records filed with the city Friday.

The Los Angeles-based investment group, which is also the co-developer of 432 Park Avenue, won a foreclosure auction last year and took full control of the 46-story tower at 246 Spring Street from the building’s developers Bayrock Group and the Sapir Organization after sales slowed at the 391-unit building.

Following the acquisition, CIM may now be looking to operate the property as a hotel and is no longer marketing the unsold condo units, although the firm has not yet confirmed the plans. The Trump Organization remains as the hotel’s operator.

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In March, Bayrock sued CIM for allegedly failing to pay the developer for its “significant financial, legal, tax and marketing support services,” it provided the hotel, according to the complaint.

Correction: A previous version of the story incorrectly said that CIM bought the condos for $102.3 million. In fact, that is the tax-assessed value of the condos.