New York could soon witness an invasion by real estate investment CIM Group, according to a recent profile of the company by the New York Observer. Started in 1994, CIM Group already has thousands of properties in Los Angeles, Las Vegas and Dallas, but has bided its time before swooping into the New York market.
Now is the time, it seems. As The Real Deal previously reported, CIM bought Harry Macklowe’s distressed Drake Hotel site for $305 million in January and it has bought Tamir Sapir’s William Beaver House, a stake in 11 Madison Avenue and partnered with Trump Soho. Employing local fallen heroes like Macklowe and Sapir has kept the press interested, the Observer said.
CIM’s speciality is in taking over sites that are riddled with problems and transforming the property and surrounding area. They accomplished that with the Hollywood & Highland Center in Los Angeles. [NYO]