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
In the Paper
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.
Few know the true genesis of CIM, but the legend goes like this: In 1986 two Israeli soldiers, who worked on a kibbutz together, came to California on vacation and decided to stay. They started a small landscaping business and bought a couple of cheap apartment buildings, when one day they struck up a conversation Read More
The Blackstone Group is suing downtown developer and renowned extinct-animal-pelt importer Tamir Sapir for defaulting on a huge loan for his downtown condominium the William Beaver House, according to The Real Deal:
The lawsuit alleges that as of November 2009 Sapir owed $48.7 million in interest, on top of the $66 million in Read More