CIM descends on New York

TRD New York /
May.May 11, 2011 12:46 PM

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]


Related Articles

arrow_forward_ios
SL Green's Mark Holliday with Industry City in Brooklyn and 95 Morton Street (Credit: Industry City; SL Green; Google Maps)

SL Green in talks to sell loans to CIM, Rockwood

SL Green in talks to sell loans to CIM, Rockwood
John Tashjian (center) with Harry Macklowe and 200 East 59th Street (Credit: Emily Assiran Photography)

Life after Macklowe: New sponsor cuts prices at condo tower

Life after Macklowe: New sponsor cuts prices at condo tower
From left: Alex Sapir, Tamir Sapir, Zina Sapir and Rotem Rosen (Credit: Getty Images)

Alex Sapir moves to dismiss Rotem Rosen’s $100M lawsuit

Alex Sapir moves to dismiss Rotem Rosen’s $100M lawsuit
Harry and Linda Macklowe (Credit: Getty Images, iStock)

The Macklowes’ massive art collection nears auction

The Macklowes’ massive art collection nears auction
685 Fifth Avenue and Michael Shvo (Credit: Shvo)

Shvo, partners land $120M construction loan for 685 Fifth Avenue

Shvo, partners land $120M construction loan for 685 Fifth Avenue
Canarsie Plaza and Blackstone’s Kathleen McCarthy (Credit: Google Maps and Blackstone)

Blackstone picks up Canarsie shopping plaza for $130M

Blackstone picks up Canarsie shopping plaza for $130M
Harry Macklowe (Credit: Getty Images)

Macklowe’s brazen Hamptons act recalls Times Square scandal

Macklowe’s brazen Hamptons act recalls Times Square scandal
Harry Macklowe, Linda Macklowe and 432 Park Avenue (Credit: Getty Images)

The latest in Harry Macklowe’s divorce: Linda’s appeal killed in court

The latest in Harry Macklowe’s divorce: Linda’s appeal killed in court
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...