NEW YORK—March 15, 2012—CIM Group announced today that it has closed on its majority investment in the high-rise residential tower and retail development site located at 303 East 51st Street in Midtown Manhattan. Construction at the .39-acre property at the northeast corner of 51st Street and 2nd Avenue is expected to begin later this year. The existing capital partners in the development, ACRO Real Estate and Polar Investments, will remain as minority equity investors in the project, and affiliates of CIM Group and HFZ Capital Group will co-develop the property.
The project, designed by SLCE Architects, will comprise a 32-story, approximately 273,750 square foot tower and base design containing 123 units averaging 1,568 square feet per unit. The base of building, floors 1 through 7, will include the building lobby and approximately 9,000 square feet of ground floor retail space. The building will also contain up to 32 parking spaces in the sub-cellar level.
Located in the heart of Midtown East, 303 East 51st Street offers excellent access to mass transit, some of the Manhattan’s finest restaurants and retail destinations, as well as the City’s largest central business district.
About CIM Group
CIM Group is a premier real estate fund manager that makes private equity and/or debt investments in urban communities throughout North America, utilizing its full array of investment and operational expertise to maximize returns while mitigating risks. With offices in Los Angeles, Bay Area, Bethesda and New York, CIM has three distinct portfolios each diversified by geography and type of property. They include: Opportunistic or repositioning and development projects in established and emerging urban areas; Stabilized/Core or well-positioned operating properties in transitional districts; and Infrastructure or properties serving the public interest. Once involved in a qualified community, CIM seeks to routinely make additional investments in order to support the growth of the community and enhance the value of its previous investments. For more information, please visit www.cimgroup.com.
About HFZ Capital Group
HFZ Capital Group is a Manhattan-based real estate investment and development company founded by Ziel Feldman. With expertise in a broad range of real estate disciplines including underwriting analytics, structured finance, investment, development and asset management, HFZ Capital Group has built an excellent reputation based on its breadth of talent, creative approach to deal structuring and unique ability to manage risk. The company’s depth of experience ensures strong returns for both partners and investors. For more information, please visit www.hfzcap.com