CIM paid $158M for Martha Washington Hotel

LA-based investor plans to renovate and rebrand the property

TRD New York /
Nov.November 24, 2015 11:39 AM

CIM Group’s purchase of the Martha Washington Hotel in NoMad hit public records, revealing that the company paid $158 million for the property, plus another $14 million for another parcel next door.

Los Angeles-based CIM closed on the landmarked 256-key, 130,000-square-foot hotel at 29 East 29th Street, earlier this month. The developer plans to renovate the property and rebrand it as the Redbury Hotel New York. The company also bought a second, adjacent property as well, the four-story, 6,000-square-foot 33 East 29th Street. That building has 36,000 square feet of usable air rights, according to public records.

The seller of both properties was Ed Scheetz’s Chelsea Hotels, which bought the Martha Washington in 2012 from the Rockpoint Group for $116 million.

CIM recently sued temporary housing provider BridgeStreet for $5 million, alleging the company had operated an illegal extended-stay hotel at CIM’s rental building at 47 East 34th Street in Murray Hill.

 
 

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
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
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

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation
CIM Group acquires resi portion of UES luxury rental for $200M

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

Former Trump Soho hotel hit with tax lien from city
After dropping the Trump Soho name, business is booming

After dropping the Trump Soho name, business is booming

After dropping the Trump Soho name, business is booming
CIM mulls sale of former Trump Soho hotel

CIM mulls sale of former Trump Soho hotel

CIM mulls sale of former Trump Soho hotel
arrow_forward_ios

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

Loading...