The Real Deal New York

CIM to buy 24-story Gramercy building for nearly $90M

Developer mulling condos or rentals at vacant Mt. Sinai-owned Gilman Hall
By Mark Maurer | January 11, 2017 04:30PM

301 First Avenue, Shaul Kuba and Avi Shemesh

CIM Group is in contract to buy a 24-story Gramercy rental building known as Gilman Hall from Mount Sinai Beth Israel for nearly $90 million, or about $450 per square foot, sources told The Real Deal.

The developer is considering either razing the vacant property at 301 First Avenue and building condominiums, or renovating the existing structure as rentals, sources said.

The 156-unit, 200,000-square-foot property, built in 1969, was long a home for medical residents or doctors who were training under an attending physician.

The hospital, which has been struggling financially, hired Eastdil Secured in May 2016 to market the building at the corner of East 17th Street for sale.  All tenants moved out over the summer.

Eastdil Secured TRData LogoTINY represented the seller. The brokerage declined to comment, while neither CIM nor Mount Sinai could be reached.

CIM, founded by Israeli army paratroopers-turned-real-estate-moguls Shaul Kuba and Avi Shemesh, has become one of the go-to moneymen for condo projects in Manhattan. CIM has either co-developed or backed such projects as 432 Park Avenue, 737 Park Avenue, 305 East 51st Street, One Madison and 100 Barclay Street.