CIM Group Files Plans for Office-to-Resi Conversion at Former WeWork Building

CIM Group is the latest developer to hop on the trend of office-to-residential conversions in Manhattan.

CIM’s David Wellspring filed plans on behalf of owner JM Zoning, an affiliate of CIM, to convert the 12-story office building at 67 Irving Place two blocks south of Gramercy Park into 11 residential units, according to a filing with the New York City Department of Buildings last week.

Lilker Associates, now known as IMEG, was listed as the engineer on the project.

CIM declined to comment, while a spokesperson for IMEG did not immediately respond to a request for comment. The New York Business Journal first reported the news.

The building between East 18th and East 19th streets was previously home to coworking firm WeWork (WE), which used to lease 11 floors of the property, as Commercial Observer previously reported.

Current tenants of the property include the Irving Place Surgery & Wellness Center, New York City Psychic and Bedford Cheese Shop.

CIM bought the building out of bankruptcy for $44 million in 2017 after former owner Puble N.V. filed for Chapter 11 that same year, The Real Deal reported.

The new conversion project would span roughly 49,000 square feet with 11 apartments and roughly 3,000 square feet reserved for a service establishment, according to the filing.

News of the project comes as more and more office-to-residential conversions have gotten underway in Manhattan, especially Midtown.

Last month, Yellowstone Real Estate Investments submitted a proposal to turn the 26-story office building at 1730 Broadway into 422 residential units, as CO previously reported.

And just this week, the Feil Organization secured a $65 million construction loan to move forward with its plans to convert 140 West 57th Street into 47 luxury apartments, CO reported.

Isabelle Durso can be reached at idurso@commercialobserver.com.