The Real Deal New York

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

LA-based firm may consider running property solely as hotel

August 07, 2015 01:38PM
By Kyna Doles

From left: Trump Soho, 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.

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.