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

New York /
Oct.October 25, 2011 06:30 PM

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.


Related Articles

arrow_forward_ios
From left: Silverback Development managing principal Josh Schuster and Arch Companies managing partner Jeffrey Simpson (Google Maps, Arch Companies, Silverback Development, iStock)
Luxury lost: defect complaints rise in new residences
Luxury lost: defect complaints rise in new residences
CIM hits back at board’s allegations in 432 Park lawsuit
CIM hits back at board’s allegations in 432 Park lawsuit
CIM hits back at board’s allegations in 432 Park lawsuit
Joe Chetrit and a rendering of the Two Bridges project (SHoP Architects)
Joe Chetrit buying Two Bridges site
Joe Chetrit buying Two Bridges site
Ron Moelis, CFO and Founding Partner at L+M, and David Thompson, CFO and Principal at CIM, with the Two Bridges project (L+M, CIM, SHoP Architects)
CIM Group, L+M Development file plans for 1.3M sf Two Bridges tower
CIM Group, L+M Development file plans for 1.3M sf Two Bridges tower
A rendering of 85 Jay Street and RXR Realty CEO Scott Rechler (Winick, Getty)
RXR makes $220M apartment bet in Brooklyn
RXR makes $220M apartment bet in Brooklyn
CIM Group's Richard Ressler and HFZ's Ziel Feldman with 301 West 53rd Street, 235 West 75th Street and 90 Lexington Avenue (Getty, Google Maps)
CIM Group claims HFZ, Feldman owe money even after foreclosures
CIM Group claims HFZ, Feldman owe money even after foreclosures
Larry Silverstein and The Denizen in Brooklyn above; and Scott Rechler with 555TEN in Hudson Yards top right. (Getty)
The art of the (discounted) deal
The art of the (discounted) deal
LIVWRK’s Asher Abehsera and CIM's Shaul Kuba with an aerial of 85 Jay Street (LIVWRK, Getty, Google Maps)
CIM, LIVWRK look to sell Dumbo rentals for $235M
CIM, LIVWRK look to sell Dumbo rentals for $235M
arrow_forward_ios

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

Loading...