Los Angeles-based real estate investment firm CIM Group has closed on its purchase of the retail portion of 225 Fifth Avenue in the Flatiron District for more than $78 million, city records show.
The retail property consists of two parcels totaling 40,079 square feet and is currently 100 percent leased to a number of long-term tenants including JP Morgan Chase, 24 Hour Fitness, Verizon Wireless, and United States Postal Service.
The spaces feature 15-foot ceilings on the ground floor and approximately 200 feet of pedestrian frontage along Fifth Avenue, including two prime corner retail spaces.
A 12-story, 192-unit luxury residential condominium building, the landmarked The Grand Madison, sits atop the retail space, and the property overlooks the north end of Madison Square Park in the center of the Flatiron District.
CIM Group’s other New York City holdings include the William Beaver House in the Financial District; 200 Lafayette Street, 72 Sullivan Street and the Trump SoHo in Lower Manhattan; and 303 East 51st Street and 432 Park Avenue in Midtown.
The city deed lists the seller as Ceres Real Estate, a Chicago-based real estate firm that specializes in repositioning distressed assets.
The firms declined comment.