CIM Group nearing purchase of defaulted Madison Avenue site

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CIM Group is close to purchasing a defaulted loan on a vacant site on
Madison Avenue at 33rd Street from Garrison Investment Group, Crain’s
reported. Originally, NMP Group had bought an office building at
172-174 Madison Avenue for $15.9 million four years ago and a lot
adjacent to that property, and planned a 33-story tower with a 100-room
hotel and 69 condominium apartments above it. The seven-story office
building on the property has since been demolished and in 2009, NMP Group defaulted on
its $29 million loan from UBS. Both CIM Group and Garrison Investment
Group declined to comment. CIM has also been buying other troubled
properties such as an extended-stay tower at 47 East 34th Street.
[Crain’s

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