CIM Group Sells Gilman Hall Tower

NEW YORK--CIM Group announced today that it has sold Gilman Hall Tower, the 24-story, approximately 146,000-square-foot building located on the corner of First Avenue and East 17th Street in Manhattan. The building is one of the three properties CIM purchased from Mount Sinai Beth Israel Hospital in March 2017. The two other properties, development sites adjacent to Gilman Hall Tower that total more than 80,000 square feet of zoning floor area, were not included in the sale.

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CIM Group has been an active owner and developer in the New York metropolitan area for more than a decade, and utilizes its broad expertise of developing, operating and repositioning real estate assets to transform communities and create dynamic environments across the country. Its development projects in the New York area include 432 Park Avenue, Front and York, Panorama, and Halcyon. CIM is also repositioning several office assets in New York City, including 1440 Broadway and 16 Court Street, to attract quality office and retail tenants.

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About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator and lender. Since 1994, CIM has led more than $60 billion of projects in communities across the Americas for its own account and for its partners and co-investors. CIM’s broad in-house expertise includes decades of research, acquisition, credit analysis, development, finance, leasing, and property management experience in real assets located in densely-populated communities, net-lease assets and other associated credit strategies. Using its disciplined approach and extensive in-house expertise, CIM seeks to create value in projects, which ultimately enhances communities. For more information, visit www.cimgroup.com.