CIM closes on Midtown development site

TRD New York /
Mar.March 16, 2012 11:30 AM

Los Angeles-based CIM Group closed its majority stake in a high-rise residential tower and retail development site in Midtown, according to a statement from the developer yesterday.

The site, at 303 East 51st Street, will be co-developed by CIM Group and Ziel Feldman’s HFZ Capital and construction will begin later this year, the statement said.

The project will rise at the corner of Second Avenue and upon completion will have 123 units, averaging 1,568 square feet per unit, plus 9,000 square feet of retail space on the ground floor. SLCE Architects will design the 32-story residence.

Although the price for the stake was not disclosed, The Real Deal previously reported that CIM agreed to invest up to $85 million in the project.

The previous majority stakeholders in the development, Acro Real Estate and Polar Investments, will remain involved as minority equity partners, according to the statement. — Guelda Voien


Related Articles

arrow_forward_ios
The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

From left: The Chrysler Building, Beny Steinmetz, and 76 Eleventh Avenue (Credit: Unsplash, Getty Images, and The XI)

Beny Steinmetz, reported backer of Chrysler Building owner and HFZ, to be tried in Guinean bribery scandal

From left: Graeme Hart, The XI and HFZ Capital Group's Ziel Feldman (Credit: Getty Images)

New Zealand’s richest man buys condo at Ziel Feldman’s the XI

CIM Group acquires resi portion of UES luxury rental for $200M

CIM Group acquires resi portion of UES luxury rental for $200M

Former Trump Soho hotel hit with tax lien from city

Former Trump Soho hotel hit with tax lien from city

But at the Belnord: Why HFZ’s UWS project is offering a rosier view of the market

But at the Belnord: Why HFZ’s UWS project is offering a rosier view of the market

HFZ vs. the market: Will Ziel Feldman make money or get burned on one of his most high-stakes projects to date? 

HFZ vs. the market: Will Ziel Feldman make money or get burned on one of his most high-stakes projects to date? 

After dropping the Trump Soho name, business is booming

After dropping the Trump Soho name, business is booming

arrow_forward_ios