NEW YORK–February 3, 2012—CIM Group and Kushner Companies announced today the acquisition of 200 Lafayette Street, a seven-story office and retail property located in the Cast Iron District of Manhattan’s SoHo neighborhood.
In addition, CIM and Kushner announced plans to renovate the building, including a conversion into a Class-A, LEED-Certified office and retail property, which are scheduled to begin later this year.
Currently, Capital One Bank occupies 4,500 square feet of ground floor retail, and 16,500 square feet of retail as well as approximately 100,000 square feet of office space are available.
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 Kushner Companies
Kushner Companies is a diversified real estate organization headquartered in New York City. The company is involved in the ownership, management, development and redevelopment of numerous properties. Kushner Companies’ national reach consists of more than 13,000 multifamily apartments, as well as 7 million square feet of office, hotel, industrial and retail space throughout New York, New Jersey, Pennsylvania, Ohio, Indiana and Illinois.