24 Hour Local Real Estate News

CIM Group Buys Mount Sinai Dorm

Gilman Hall Gilman Hall Tower, a 24 story property, is on the corner of First Avenue and East 17th Street.

NEW YORK CITY—CIM Group has purchased the Gilman Hall site—a property which includes the 146,000-square-foot Gilman Hall Tower and contiguous parcels in Manhattan—from Mount Sinai hospital. Real Capital Analytics states the transaction was done for $87 million, or $557,692 per unit.

Built in 1969, the 24 story property high is on the corner of First Avenue and East 17th Street. The entire site is zoned for a total of approximately 225,000 square feet, including a combination of community facility, residential and commercial uses. Mount Sinai Beth Israel Hospital recently vacated the former medical resident housing facility and intends to reinvest the proceeds from the sale into the new Mount Sinai Downtown Network and new Mount Sinai Beth Israel Hospital.

“The Gilman Hall site represents an exceptional opportunity to reposition and modernize a significant property in an exciting location currently experiencing substantial public and private investment,” says Avi Shemesh, co-founder and principal of CIM Group. “While the surrounding neighborhood offers desirable amenities and excellent public transportation that complements a variety of potential uses, we believe the site is particularly well suited for a student housing and educational facility use for which several institutions have expressed interest.”

For more than a decade, CIM Group has invested in the New York metropolitan area, with projects including 11 Madison Ave., 432 Park Ave., 737 Park Ave., Halcyon (at 305 E. 51st St.), 225 Fifth Ave., 100 Barclay, and 15 William St.

 

Copyright 2017. ALM Media Properties, LLC. All rights reserved.