The Real Deal New York

CIM takes control of 34th Street extended-stay hotel tower

October 25, 2011 06:30PM
By Katherine Clarke

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Los Angeles- based CIM Group has officially taken control of an extended-stay hotel tower at 47 East 34th Street, according to public records filed with the city today.

BridgeStreet Corporate Housing currently uses the building for extended-stay residences, though its $400,000-per-month lease is slated to expire on Dec. 31. CIM, which owned the defaulted note with a $93.2 million judgment, took control of the 36-story building for $54 million.

IStar Financial sold CIM the $84 million senior mortgage debt this year, after a final judgment was issued against the previous owner Esplanade Capital, according to court records and financial documents obtained by The Real Deal. As previously reported, iStar retained an investment in the property, with a $20 million loan to CIM.

The deal is just the latest in a series of debt acquisitions for CIM, which also obtained the debt at William Beaver House in Lower Manhattan, the former Drake Hotel site and recapitalized Trump Soho, at 246 Spring Street.

Though CIM was did not immediately respond to a request for comment, it is thought that the company may choose to extend BridgeStreet’s lease. At one point, however, the building was slated to receive 421-a benefits if it operated as a condo. It was not immediately clear whether CIM would be able to exercise that option.

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