CIM to buy troubled Gramercy building — if the judge allows it

Private equity firm bid $44M for 67 Irving Place

TRD New York /
Sep.September 14, 2017 06:26 PM

Clockwise from left: 67 Irving Place, CIM’s Avi Shemesh and Shaul Kuba

CIM Group agreed to buy the Gramercy office building 67 Irving Place out of bankruptcy for $44 million, but the deal is still awaiting court approval.

In a statement filed in federal bankruptcy court earlier this week, attorneys representing the troubled building said they seek approval of the sale in a Sept. 26 hearing.

Landlord Puble N.V., headed by Charis Lapas, filed for bankruptcy in May. It owed $13.3 million to mortgage lender Dalan Management and another $23,000 in unpaid brokerage commission to the building’s property manager, George Constantin’s Heritage Realty Services, the Commercial Observer reported at the time.

The building was set to hit the auction block on Sept. 11, but Puble called it off when CIM’s bid came in, court records show. The company has owned the 12-story, 61,406-square-foot property since 1986.

Last month, CIM agreed to buy Brooklyn’s tallest office building, 16 Court Street, for $171 million. In Dumbo, it is developing a 737-unit apartment building at 85 Jay Street in partnership with Kushner Companies and LIVWRK. The California-based firm has an unusual investment strategy for a private equity firm and has backed several high-profile condo developments in recent years.

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