CIM closes on Midtown development site

March 16, 2012 11:30AM

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