Harry Macklowe, Elizabeth Murray and 737 Park Avenue

Since Macklowe Properties and CIM Group purchased 737 Park Avenue from the Katz family two years ago, and began converting the rent-stabilized apartment building to condominiums, they have tangled with several tenants in court. But now, the developers claim that the seller’s apparent lack of disclosure is to blame for the litigation and the corresponding construction delays. [more]

From left: the injured construction worker, 432 Park Avenue last week (second image courtesy NY YIMBY) and Harry Macklowe

Work has resumed at 432 Park Avenue, the site of Harry Macklowe and CIM Group’s planned condominium tower, despite a partial stop work order that remains in effect following Friday’s construction accident, the Department of Buildings confirmed today. [more]

From left: the injured construction worker, 432 Park Avenue last week (second image courtesy NY YIMBY)

Falling debris injured a construction worker today at 432 Park Avenue, the site of the skyscraper under development by Macklowe Properties and CIM Group, The Real Deal has learned. [more]

11 Madison Avenue

The owners of 11 Madison Avenue have decided not to sell the Midtown South office building, and are concentrating on renewing major tenant Credit Suisse’s lease instead, Crain’s reported. The Sapir Organization and CIM Group had been looking to sell the 2.2-million-square-foot tower for $1.5 billion, which could have been one of the city’s largest office sales to date.

Though Sapir and CIM had apparently generated lucrative offers for the property, between East 24th and East 25th streets, the owners said they would generate higher profits by renewing a lease with Credit Suisse, which occupies more than three-quarters of the building. The lease expires in 2017. [more]

225 Fifth Avenue

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…. [more]

From left: Harry Macklowe, a 432 Park rendering and a video screenshot of this morning’s 432 Park feed

Despite the veil of secrecy surrounding 432 Park Avenue — set to be the city’s tallest residential property — the building has three skycams peering over the construction site and giving viewers a peek at the progress. The stream is available at 432parkavenue.com and shows feeds from cameras positioned on Park Avenue, 56th Street and 57th Street, as the New York Observer reported. [more]

Sapir CEO Alex Sapir (top), CBRE’s Darcy Stacom (bottom) and 11 Madison Park

The 2.3 million-square-foot office tower at 11 Madison Park is set to hit the market seeking a sales price of $1.5 billion, the Wall Street Journal reported. CIM Group and the Sapir Organization have tapped a CBRE Group team led by the firm’s vice chairwoman, Darcy Stacom.

Sapir bought the building in 2003 for $675 million; in 2010 CIM Group purchased a 49 percent stake in the property for $469 million. The building is about 80 percent occupied by Credit Suisse, which pays a below-market rental rate of $19 per square-foot. That lease expires in 2017. [more]

HFZ's Ziel Feldman and 303 East 51st Street

Construction is once again an issue at the Turtle Bay site where a crane collapsed and killed seven people in 2008. According to the New York Post, Ziel Feldman’s HFZ Capital Group, which is developing the site in conjunction with CIM Group, is seeking a way to remove the balconies already built on the 18-story shell at 303 East 51st Street. [more]

From left: 440 Park Avenue and Harry Macklowe, head of Macklowe Properties

The New York City Department of Buildings has issued a permit for the construction of a new, 84-story residential building, slated to be the city’s tallest, at the 432 Park Avenue site where CIM Group and Macklowe Properties plan to build condominiums, the DOB confirmed today. The permit, for a 1,400-foot-tall residential tower at the site of the former Drake Hotel, was issued earlier this month. [more]

From left: Prudential Douglas Elliman broker Heather McDonough and the William Beaver House

CIM Group has refinanced $113 million in mortgage loans at William Beaver House through Axa Equitable Life Insurance, part of a debt restructuring that could help revive sales at the luxury condominium building in Lower Manhattan, The Real Deal has learned.

According to documents filed with the New York City Department of Finance April 18, Manhattan-based Axa Equitable was assigned $112.7 million in loans from iStar Financial, a Manhattan-based real estate investment trust that held the mortgage loans at William Beaver, a 47-floor tower at 15 William Street, between William Street and Exchange Place. [more]