Former CIM Group Leader Charles Garner Dies at 63

Charles Garner, who led CIM Group into one of the most prominent Billionaires Row projects, died recently, the Commercial Observer reported. He was 63.

A cause of death was not disclosed. Garner died in Santa Rosa Beach, Florida, where he’s resided since his retirement in 2019.

CIM did not respond to the publication’s request for comment.

Garner earned a degree in management from Tulane University’s business school, concentrating on accounting, according to publicly available records on the executive. He began his career as a C.P.A. at PricewaterhouseCoopers and held roles at Federal Realty Investment Trust and Walker & Dunlop, among others.

He started working closely with CIM in 1996 when he was at Federal Realty, ultimately joining CIM in 2003. After about a decade with the company, he ascended to the role of chief executive officer in August 2014.

It was around the same time CIM got involved with one of New York City’s most notable development projects. A few years before Garner took over, CIM paid off debts Harry Macklowe accrued at 432 Park Avenue during the financial crisis.

Macklowe ultimately sold his interests to CIM, which agreed to pay the developer a promote, or a fee, on future sales. The 96-story, 125-unit condominium tower was completed in 2015.

Since then, the symbol of ultraluxury living has become a source of consternation for the developers and residents alike. The 1,400-foot tower faces a potential nine-figure repair bill and a wave of lawsuits as experts reportedly warn that its sleek white concrete shell is deteriorating.

The tower’s issues have spawned litigation between its condo board and the development team. The board alleged the developers sold defective units and concealed structural flaws. CIM denied wrongdoing, calling the deterioration claims “baseless” and blaming the board for poor maintenance.

CIM launched its real estate portfolio in 1994. It counts more than 300 properties and $13.1 billion in assets owned and operated.

Garner is survived by his mother, his wife and three children.

— Holden Walter-Warner