NEW YORK – January 2, 2014 – CIM Group and Magnum Real Estate Group announced today the acquisition of a condominium interest primarily consisting of floors 11 through 31 in 140 West Street, a 32-story office tower in Manhattan’s TriBeCa neighborhood. CIM and Magnum will convert the upper floors of the building to luxury condominiums.
Located in southern TriBeCa, 140 West Street occupies a full city block with street frontage on West Street, Barclay Street, Vesey Street and Washington Street. Completed in 1927, the Art Deco building was the first prominent work of architect Ralph Walker, and it is recognized as a premier Art Deco skyscraper and one of the most significant structures in skyscraper design. The building originally served as the headquarters for the New York Telephone Company.
For more than a decade, CIM has been involved in the New York metropolitan area. CIM qualified TriBeCa as a community that fits the firm’s investment criteria, which focuses on urban districts positioned for economic expansion with solid infrastructure and transportation networks. This is CIM’s first acquisition in TriBeCa, a popular neighborhood characterized by cobblestone streets, world-famous restaurants, luxury and boutique shops, and stylish warehouse-loft conversions. The 140 West Street property is also conveniently located near the World Trade Center development and Brookfield Place, which include world-renowned shopping, dining, and cultural center. The building is also within walking distance of the major transportation hub at the World Trade Center, which offers access to mass-transit connections throughout the region including major subway and bus stations as well as PATH train access to New Jersey.
CIM’s investments in Lower Manhattan include 5 Hanover Square, 2 Rector Street, and 15 William in the Financial District. CIM’s other New York City investments include 432 Park Avenue, 737 Park Avenue, Halcyon (at 305 East 51st Street), One Madison Park, 47 East 34th Street, and 225 Fifth Avenue.
About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional and established districts; and infrastructure. CIM manages three distinct portfolios, including opportunistic, stabilized and infrastructure funds, each of which are diversified by geography and type of property within that risk profile. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area and Bethesda, Maryland. For more information, please visit www.cimgroup.com
About Magnum Real Estate Group:
Magnum Real Estate Group is a vertically-integrated developer of high-end rental and condominium properties in New York City. From the initial acquisition of the site through permitting, planning, design, construction and ongoing building management, Magnum streamlines the development process and produces some of the most unique and architecturally compelling homes in the city. For more information, please visit magnumreg.com.