Sales Beat

CIM Group Sells Retail Condo at 15 William Street for $7.4M

15 William Street. (PropertyShark)

CIM Group has sold the ground-floor retail condominium at 15 William Street for $7.4 million, according to property records.

The Los Angeles-based real estate investment firm announced the transaction last week without revealing the sale price or the buyer. Allegra Tribeca Inc. bought the retail unit in a transaction that closed on June 11, records show. Read More

Lease Beat

Sony Makes 11 Madison Avenue Deal Official

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Sony Corporation of America has signed a 15-year, 525,000-square-foot lease at 11 Madison Avenue, the company confirmed today.

The U.S. branch of the Japanese conglomerate will occupy the top 10 floors of the building, as well as the rooftop overlooking Madison Square Park. Additionally, Sony will have a dedicated entrance to the building with the address 25 Madison Avenue. Read More

Initial Public Offerings

Ladder Capital Goes Public, Cantor Commercial Could be Next

Shares in commercial real estate finance firm Ladder Capital ended the first day of trading largely unchanged, falling 1 cent on Thursday to $16.99. The company had priced 13.25 million shares at $17, raising $225 million, late Wednesday.

Trading under the symbol LADR on the New York Stock Exchange, the company’s shares rose 14 cents, or .82 percent, to $17.13, as of 12:12pm on Friday. Read More

Sales Beat

CIM Group Pays $104 M. for 5 Hanover Square

hanover

An affiliate of Los Angeles-based CIM Group has purchased 5 Hanover Square from Savanna’s The Savanna Fund II REIT for $104 million.

The 25-story, 330,000-square-foot building, located on the northern side of Hanover Square, between Pearl and Beaver Streets in Manhattan’s Financial District, also contains roughly 7,500 square feet of retail on the ground floor. Read More

Sales Beat

CIM Group Scoops 225 Fifth Avenue in the Flatiron District for $78 M.

(Credit: CIM Group)

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. Read More

ICSC

After Hours: Real Estate Brokers Look For After-After-After ICSC Party

It’s ICSC week in New York City and while many in the retail business consider the event secondary to the larger conference held by the organization in Las Vegas each May, for many Manhattan real estate brokers, the conference is the most important of the year—and not necessarily just because of its jam-packed daytime roster of speakers and seminars.

In establishments from the New York Times’s four-star-rated Del Posto to the Dream Hotel in Lower Manhattan, buttoned-up retail brokers will be wining and dining potential clients during a two-day orgy of after-hour soirees, dinners and suds-soaked meetings, all designed with the deal in mind. Read More

Comebacks

Stirrings at Two Haunted Assets

Life is stirring again at the ghostly Drake Hotel site.

With financing for development sites still virtually frozen, CIM Group has received a $30 million mortgage from Pacific Northwestern Bank on the former home of the Gilded Age hotel, according to public records.

As The Observer reported in February, the spot at Park Avenue and 57th Street is likely the only existing development Read More