CIM Group Acquires Gramercy Tower
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New York—CIM Group has acquired the Gilman Hall property, which includes the 146,000-square-foot Gilman Hall Tower and contiguous parcels in Manhattan, from Mount Sinai Beth Israel Hospital for a reported $90 million.
“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,” Avi Shemesh, CIM Group’s co-founder and principal, said. “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.”…
