advanced search CIM Group
CIM Group is a Los Angeles-based real estate investment group and private equity firm that specializes in taking over distressed assets and trying to redevelop or reposition them.
The firm made its biggest New York City splash in 2011, when it bought the distressed Drake Hotel site, now known as 432 Park Avenue, from developer Harry Macklowe's lenders for $305 million. CIM Group has also wrested control of other prominent troubled New York developments, including the William Beaver House condo, a stake in 11 Madison Avenue, and the Trump Soho. It also partnered with Macklowe on the development of 432 Park Avenue on Bliionaire's Row, which is the Western Hemisphere's tallest residential tower, designed by architect Rafael Viñoly.
During the 2020 COVID pandemic, CIM Group wrested control of four New York condo projects from troubled development firm HFZ Capital Group after months of missed loan payments and litigation.
Also in 2020, the firm paid $506 million for the 2,311-unit Southern Towers in Alexandria, VA, just outside Washington, D.C. — one of the priciest such deals in the region's history.
CIM Group launched in 1994 and took more than a decade to move into the New York City market. The firm was started by Shaul Kuba, who remains a principal. In its first 25 years, the company says it has completed $60 billion worth of projects.
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CIM Group, Co-founder
4700 Wilshire Boulevard, Los Angeles, CA, 323-860-4900
4700 Wilshire Boulevard, Los Angeles, CA, 323-860-4900
Shaul Kuba, co-founder of CIM Group, is known among his peers at being...
CIM Group, Vice President
540 Madison Avenue, 8th Floor, New York, NY, 646-783-4600
540 Madison Avenue, 8th Floor, New York, NY, 646-783-4600
Charlie Leonard is vice president at real estate investment company CIM Group, where...
CIM Group, Co-founder and Principal
540 Madison Avenue, 8th Floor, New York, NY, 646-783-4600
540 Madison Avenue, 8th Floor, New York, NY, 646-783-4600
Co-founder is a title often associated with Richard Ressler. He co-founded real estate...
CIM Group, Co-founder
4700 Wilshire Boulevard, Los Angeles, CA, 323-860-4900
4700 Wilshire Boulevard, Los Angeles, CA, 323-860-4900
Avi Shemesh, one of the co-founders of real estate investment firm CIM Group,...
- Event Sales
- Address 343 East 17th Street
- Neighborhood Gramercy
- Borough Manhattan
- Square feet 4,140
- Price $ 12,000,000
- Publication Date 02/14/2020
- Event Date 02/13/2020
- Party 1 CIM Group
- Party 2 Minrav Development
notes
The buyer purchased the Gramercy property for $12 million.
- Event Sales
- Address 305 First Avenue
- Neighborhood Gramercy
- Borough Manhattan
- Price $ 28,500,000
- Publication Date 02/14/2020
- Event Date 02/12/2020
- Party 1 CIM Group
- Party 2 Minrav Development
notes
The buyer purchased the Gramercy portfolio for $28.5 million.
- Event Financing
- Address 685 Fifth Avenue
- Neighborhood Plaza District
- Borough Manhattan
- Price $ 120,000,000
- Publication Date 12/27/2019
- Event Date 12/18/2019
- Party 1 Michael Shvo, Deutsche Finance, Bilgili Group
- Party 2 CIM Group
notes
The lender issued a construction loan of $120 million for the Plaza District property.
- Event Sales
- Address 8925 Avenue D
- Neighborhood Canarsie
- Borough Brooklyn
- Square feet 274,000
- Price $ 130,000,000
- Publication Date 12/13/2019
- Event Date 12/13/2019
- Party 1 CIM Group
- Party 1 Brokerage JLL
- Party 1 Broker Andrew Scandalios, Rob Rizzi, Jose Cruz
- Party 2 Blackstone Group
notes
The buyer bought the Canarsie property for $130 million.
- Event Financing
- Address 25 Columbia Heights
- Neighborhood Dumbo
- Borough Brooklyn
- Square feet 304,650
- Price $ 335,000,000
- Publication Date 08/30/2019
- Event Date 08/30/2019
- Party 1 CIM Group, LIVWRK
- Party 2 JPMorgan Chase
notes
The owner secured a loan of $335 million for the Dumbo property.
- Event Office Leasing
- Address 5 Hanover Square
- Neighborhood Financial District
- Borough Manhattan
- Square feet 11,101
- Publication Date 07/26/2019
- Event Date 07/22/2019
- Party 1 CIM Group
- Party 1 Brokerage CBRE
- Party 1 Broker Adam Leshowitz, Rob Wizenberg, Michael Rizzo
- Party 2 National Securities Corporation
- Party 2 Brokerage Okada & Company
- Party 2 Broker Francis Leung, Ken Lerner
notes
The financial firm signed a lease for the Financial District location.
- Event Sales
- Address 301 First Avenue
- Neighborhood Gramercy
- Borough Manhattan
- Square feet 140,461
- Price $ 81,000,000
- Publication Date 02/23/2019
- Event Date 02/15/2019
- Party 1 CIM Group
- Party 2 GFP Real Estate, Meadow Partners
- Party 2 Brokerage Meridian Capital Group
- Party 2 Broker Lipa Lieberman, David Schechtman, Abie Kassin
notes
The buyer purchased the Gramercy property for $81 million.
- Event Office Leasing
- Address 1440 Broadway
- Neighborhood Midtown
- Borough Manhattan
- Square feet 236,000
notes
The co-working firm signed a lease for the Midtown location.
- Event Office Leasing
- Address 67 Irving Place
- Neighborhood Gramercy
- Borough Manhattan
- Square feet 51,050
notes
The co-working firm signed a lease for the Gramercy space.
- Event Office Leasing
- Address 5 Hanover Square
- Neighborhood Financial District
- Borough Manhattan
- Square feet 7,105
- Publication Date 11/19/2018
- Event Date 11/14/2018
- Party 1 CIM Group
- Party 1 Brokerage CBRE
- Party 1 Broker Brad Gerla, Adam Leshowitz, Michael Rizzo and Robert Wizenberg
- Party 2 National General Insurance
- Party 2 Brokerage Newmark Knight Frank
- Party 2 Broker Alex Radmin
notes
The insurance company inked a lease for the Financial District space.
- Event Office Leasing
- Address 5 Hanover Square
- Neighborhood Financial District
- Borough Manhattan
- Square feet 28,820
- Publication Date 10/08/2018
- Event Date 10/05/2018
- Party 1 CIM Group
- Party 1 Brokerage CBRE
- Party 1 Broker Michael Rizzo, Adam Leshowitz, Robert Wizenberg
- Party 2 Knotel
- Party 2 Brokerage Skylight Leasing
- Party 2 Broker Elie Reiss
notes
The co-working space provider inked a lease for the Financial District building.
- Event Financing
- Address 85 Jay Street
- Neighborhood Dumbo
- Borough Brooklyn
- Square feet 90,000
- Price $ 600,000,000
- Publication Date 07/02/2018
- Event Date 06/28/2018
- Party 1 CIM Group
- Party 2 JPMorgan Chase
notes
The owner secured a loan of $600 million for the Dumbo condo project.
- Event Financing
- Address 85 Jay Street
- Neighborhood DUMBO
- Borough Brooklyn
- Square feet 874,000
- Price $ 600,000,000
- Publication Date 04/09/2018
- Event Date 04/06/2018
- Party 1 CIM Group, LIVWRK, Kushner Companies
- Party 2 JPMorgan Chase
notes
The owners secured a $600 million loan for the DUMBO property.
- Event Sales
- Address 1440 Broadway
- Neighborhood Midtown
- Borough Manhattan
- Square feet 747,576
- Price $ 520,000,000
- Publication Date 01/09/2018
- Event Date 12/21/2017
- Party 1 New York REIT
- Party 1 Brokerage CBRE, Eastdil Secured
- Party 2 CIM Group
notes
The buyer acquired the Midtown building for $520 million.
- Event Financing
- Address 1440 Broadway
- Neighborhood Midtown
- Borough Manhattan
- Square feet 747,576
- Price $ 360,000,000
- Publication Date 01/09/2018
- Event Date 12/21/2017
- Party 1 CIM Group
- Party 1 Brokerage CBRE, Eastdil Secured
- Party 2 Blackstone Group
notes
The owner secured a loan for $360 million for the Midtown building.
- Event Financing
- Address 111 Montgomery Avenue
- Neighborhood Saint George
- Borough Staten Island
- Square feet 3,500
- Price $ 57,000,000
notes
The owners secured a $57 million construction loan for the Saint George property.
- Event Financing
- Address 16 Court Street
- Neighborhood Downtown Brooklyn
- Borough Brooklyn
- Square feet 317,600
- Price $ 110,000,000
- Publication Date 11/01/2017
- Event Date 10/12/2017
- Party 1 CIM Group
- Party 1 Brokerage CBRE
- Party 1 Broker James Millon, Tom Traynor
- Party 2 Barclays; Citigroup
notes
The urban real estate and infrastructure fund manager secured a loan for $110 million.
- Event Sales
- Address 16 Court Street
- Neighborhood Downtown Brooklyn
- Borough Brooklyn
- Square feet 317,600
- Price $ 171,000,000
- Publication Date 11/01/2017
- Event Date 10/12/2017
- Party 1 SL Green Realty
- Party 1 Brokerage CBRE
- Party 1 Broker Darcy Stacom, Bill Shanahan
- Party 2 CIM Group
notes
The urban real estate and infrastructure fund manager acquired the property for $171 million.
- Event Sales
- Address 67 Irving Place
- Neighborhood Gramercy Park
- Borough Manhattan
- Square feet 49,125
- Price $ 34,000,000
- Publication Date 10/30/2017
- Event Date 10/24/2017
- Party 1 Public N.V.
- Party 2 CIM Group
notes
The real estate fund manager acquired this 12-story property for $34 million that was facing foreclosure.
- Event Sales
- Address 111 Montgomery
- Neighborhood Crown Heights
- Borough Brooklyn
- Price $ 29,700,000
notes
The urban real estate and infrastructure fund manager bought this property
- Event Sales
- Building Name Gilman Hall Tower
- Address 301 First Avenue
- Neighborhood Gramercy
- Borough Manhattan
- Square feet 146,000
- Price $ 87,000,000
- Publication Date 04/01/2017
- Event Date 02/15/2017
- Party 1 Beth Israel Medical Center
- Party 2 CIM Group
notes
The 24-story building, which used to house medical residents, was sold for $87 million.
- Event Sales
- Address 343 East 17th Street
- Neighborhood Gramercy
- Borough Manhattan
- Square feet 1,900
- Price $ 13,000,000
- Publication Date 04/01/2017
- Event Date 02/15/2017
- Party 1 Mount Sinai Beth Israel
- Party 2 CIM Group
notes
The outpatient center, which is currently part of the hospital, was sold for $13 million.
- Event Retail Leasing
- Address 140 West Street
- Neighborhood Financial District
- Borough Manhattan
- Square feet 68,400
- Publication Date 03/01/2017
- Event Date 01/15/2017
- Party 1 Magnum Real Estate Group, CIM Group
- Party 1 Brokerage Cushman & Wakefield
- Party 1 Broker David Tricarico
- Party 2 TJX Companies
- Party 2 Brokerage Ripco Real Estate
- Party 2 Broker Peter Ripka, Richard Skulnik
notes
The retail giant signed a lease to open another Marshall's store in Manhattan.
- Event Financing
- Address 85 Jay Street
- Neighborhood Fulton Ferry
- Borough Brooklyn
- Square feet 134,988
- Price $ 187,000,000
notes
The partnership secured an acquisition loan of $187 million for the purchase of a development site.
- Event Financing
- Address 25 Columbia Heights
- Neighborhood Downtown Brooklyn
- Borough Brooklyn
- Square feet 739,000
- Price $ 376,000,000
- Publication Date 09/01/2016
- Event Date 07/15/2016
- Party 1 Kushner Companies, CIM Group, LIVWRK
- Party 2 Blackstone Group, SL Green Realty
notes
The partnership secured $376 million in acquisition, building and project loans.
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Manhattan, 10013
CIM Group, 246_SPRING ST (NYC), LLC
CIM Group, 246_SPRING ST (NYC), LLC
Trump Soho is a 46-story condo-hotel at 246 Spring Street in its namesake...
Manhattan, 10003
305 FIRST AVENUE (NY) OWNER, LLC
305 FIRST AVENUE (NY) OWNER, LLC
311 First Avenue is a 7,015 square foot property built in 1950 in...
Brooklyn, 11225
CIM Group|LIVWRK, 109 MONTGOMERY OWNER LLC **
CIM Group|LIVWRK, 109 MONTGOMERY OWNER LLC **
The sponsor(s) filed plans on 06/26/18 for a condo project at 109 Montgomery...
Manhattan, 10016
CIM GROUP, 47 EAST 34 OWNER LLC
CIM GROUP, 47 EAST 34 OWNER LLC
47 East 34th Street is a 103,153 square foot building in the Murray...
Manhattan, 10010
The office building at 11 Madison Avenue, once known as the MetLIfe Building,...
12/13/2019
Yet Brooklyn remains in demand. Life Time fitness inked a 77,000-square-foot lease at CIM Group and LIVWRKâs under-construction condo-and-rental complex Front & York, which is slated to open in 2021 in Dumbo...
05/01/2018
The contractor has completed construction on most of Billionairesâ Row, including Harry Macklowe and CIM Groupâs 432 Park Avenue, World Wide Group and Rose Associatesâ 252 East 57th Street, Vornado Realty Trustâs 220 Central Park South and Hinesâ 53 West 53rd Street...
03/29/2018
From left: 325 Kent Avenue, Jed Walentas, Joseph Chetrit and 9 DeKalb Avenue (Credit: COOKFOX, Michael McWeeney and SHoP Architects)
Trendy Brooklyn neighborhoods like Dumbo From left: 325 Kent Avenue, Jed Walentas, Joseph Chetrit and 9 DeKalb Avenue (Credit: COOKFOX, Michael McWeeney and SHoP Architects)
Trendy Brooklyn neighborhoods like Dumbo...
01/01/2018
CBREâs Stacom said she rarely walks into a room expecting to be the only woman. For example, when CIM Group negotiated with New York REIT to buy 1440 Broadway in October, three women were leading the talks: Stacom, CIMâs Sondra Wenger and New York REITâs Silverstein...
12/29/2017
The architecture firm behind the largest new project started this year was Ohio-based Ford & Associates.
The firm was hired by Matrix Development Group, which plansThe architecture firm behind the largest new project started this year was Ohio-based Ford & Associates.
The firm was hired by Matrix Development Group, which plans...
12/29/2017
You should expect to see some giants rising in the outer boroughs over the next few years. A majority of the largest development projects startedYou should expect to see some giants rising in the outer boroughs over the next few years. A majority of the largest development projects started...
12/20/2017
In 2016, Vidal had sued Macklowe Properties and CIM Group after a flood damaged the apartment, and at the time requested his $11.6 million deposit back...
09/01/2017
Jed Walentas â' who heads up Two Trees, which was founded by his dad, David â' acknowledged the limits of his companyâs structure. His firm bid on the Jehovahâs Witnessesâ iconic Watchtower building in Brooklyn but lost out to Kushner Companies, which paid $340 million and teamed up with the private equity firm CIM Group and LIVWRK...
08/31/2017
Clocking in at No. 2 was Douglas Elliman with $5.92 billion in closed sales during that same time. Its most high-profile assignment was CIM Group and Harry Mackloweâs 432 Park Avenue...
08/01/2017
Clocking in at No. 2 was Elliman with $5.92 billion in closed sales during that same time. Its most high-profile assignment was CIM Group and Harry Mackloweâs 432 Park Avenue...
06/01/2017
Ellimanâs Shari Scharfer Rollins, Sabrina Saltiel, Richard Steinberg and J. Roger Erickson â' the on-site sales team for Macklowe Properties and CIM Group at the trophy tower â' took the top four spots on the new development ranking, according to TRDâs analysis...
12/29/2016
The firm is based in New York City, but has work throughout the country and the Middle East. CetraRuddy is perhaps best known for its design of One Madison, a 60-story luxury condominium tower that had long stalled before Related Companies, HFZ Capital Group and the CIM Group took over the project in 2012...
12/29/2016
Clockwise from left: Olayan Group's Hutham Olayan, RXR Realty's Scott Rechler, CalPERS' Marcie Frost, 550 Madison Avenue, 787 Seventh Avenue and 388-390 Greenwich Street
Manhattan Clockwise from left: Olayan Group's Hutham Olayan, RXR Realty's Scott Rechler, CalPERS' Marcie Frost, 550 Madison Avenue, 787 Seventh Avenue and 388-390 Greenwich Street
Manhattan...
12/20/2016
Five of the buildingâs ultra-luxe pads were among this yearâs 10 priciest closed sales â' including the buildingâs $87.7 million penthouse, which closed in September. The spate of big-ticket deals at 432 Park can be attributed to the fact that three years after sales launched, developers Macklowe Properties and CIM Group finally obtained a certificate of occupancy in late November 2015, allowing buyers to close on their purchases...
11/11/2016
Left to right: MTA CEO Thomas F. Prendergast and Hudson Yards 7 train, Sheldon Solow and the Solow Building
We're really starting to see where Left to right: MTA CEO Thomas F. Prendergast and Hudson Yards 7 train, Sheldon Solow and the Solow Building
We're really starting to see where...
09/28/2016
Prudentialâs real estate subsidiary, PGIM Real Estate, was the buyer, paying $480 million for the partial interest and also taking on a portion of the property's debt. Â As part of the deal, PGIM will have the option to buy an additional 9 percent stake in the tower later. CBREâs Darcy Stacom and William Shanahan brokered the sale. SL Greenâs $2.29 billion purchase of the tower in full from CIM Group and Sapir Organization was one of 2015âs top deals...
09/01/2015
With partner CIM Group, Magnum is behind the condo conversion at the old Verizon Building at 100 Barclay Street...
07/15/2015
Taking fifth place was Macklowe Properties and CIM Groupâs 737 Park Avenue, an Upper East Side prewar conversion that after numerous legal battles, launched sales in 2013...
07/01/2015
Heâs currently marketing the Ralph Walker Tribeca, a condo conversion by Magnum Real Estate and CIM Group at 100 Barclay Street, where he has more than $116 million in listings...
06/01/2015
From left: Michael Shvo and Stephen Roth
When Gary Barnettâs Extell Development began building One57 in 2011, he secured a $700 million construction loan from From left: Michael Shvo and Stephen Roth
When Gary Barnettâs Extell Development began building One57 in 2011, he secured a $700 million construction loan from...
04/01/2015
Since 2012, when it was launched by Mandel and co-founder Vadim Belobrovka, CompStak has grown massively, now including 200,000 âmaster comps,â which involved vetting roughly 1 million submissions from brokers and landlords. Today, the company counts some of the biggest names in the industry as customers, including Tishman Speyer, the CIM Group and Beacon Capital...
03/01/2015
The eye-popping 1.1 million-square-foot renewal by the global bank Credit Suisse starts at roughly $84 million a year for the buildingâs owners, the Sapir Organization and the CIM Group...
12/01/2014
The companyâs moves indicate it is focusing on the cityâs prime retail corridors, although the purchase of 450 Park Avenue represents a bet that higher-priced retail will move farther east along 57th Street, drawn by the super-luxury towers rising there, including Macklowe Properties and CIM Groupâs 432 Park Avenue...
09/01/2014
From left: the $118.5M penthouse listing at the Ritz Carlton, Israel Englander and his co-op at 740 Park Avenue
This year may not be over From left: the $118.5M penthouse listing at the Ritz Carlton, Israel Englander and his co-op at 740 Park Avenue
This year may not be over...
07/01/2014
The aggressive price it paid for the 58th Street site was driven by comps from two of the highest priced new condo projects in the city: 432 Park, which is being developed jointly by CIM Group and Macklowe Properties; and One57, which being built by Gary Barnettâs Extell Development...
Brooklyn, 11225
CIM Group|LIVWRK, 109 MONTGOMERY OWNER LLC **
CIM Group|LIVWRK, 109 MONTGOMERY OWNER LLC **
The sponsor(s) filed plans on 06/26/18 for a condo project at 109 Montgomery...