CIM mulls sale of former Trump Soho hotel

The LA-based firm bought it at a foreclosure auction in 2014

Feb.February 25, 2019 03:00 PM

The Dominick at 246 Spring Street

CIM Group might not own the former Trump Soho Hotel for much longer.

The Los Angeles-based company is considering selling the property at 246 Spring Street, now known as the Dominick, according to Bloomberg. They have already contacted potential buyers for it.

The building stands 46 stories tall and has 391 rooms. CIM took ownership of the hotel after winning a foreclosure auction in 2014 and purchased the management and license agreements from the Trump Organization in 2017 for at least $6 million, although the breakup fee was not disclosed. The company was also a lender for the property when the Sapir Organization and Bayrock Group were developing it.

Bayrock included Felix Sater as one of its leaders, a convicted felon with ties to organized crime groups in the United States and Russia. Sater helped the U.S. government in a terror case and also worked with the Trump Organization to build a tower in Moscow during the 2016 presidential election. [Bloomberg] – Eddie Small

Related Articles

Brookfield Asset Management CEO Bruce Flatt

“We underwrite every investment like we’re going to hit a recession”: Brookfield CEO

Cadre founder Ryan Williams and Allen Smith

Cadre brings on former Four Seasons CEO as president

AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

250th Issue

The Real Deal celebrates 250 issues

Neir’s Tavern (Credit: Google Maps)

City’s oldest bar, of “Goodfellas” fame, gets last-minute lifeline

Neir's Tavern (Credit: Google Maps)

Landlord to bar owner: You don’t have to go home but you can’t stay here