CIM Group Sells 88 University Place for $46M to New Investment Partnership

A partnership between Acram Group and newcomer Bulldog Real Estate Partners purchased 88 University Place in Greenwich Village for $46 million. 

The seller, 88 Tower LLC, is tied to Los Angeles-based CIM Group. CIM took control of the 11-story 88 University Place in 2024 from Arch Companies for $48.6 million in a Uniform Commercial Code (UCC) foreclosure sale. 

CIM’s takeover came after Arch defaulted on a $70.5 million refinancing in 2022 designed to provide funds to refurbish 88 University Place. The circa-1906 building fell on hard times after its major tenant, IBM, left the property during the pandemic, according to The Real Deal. 

David Thompson, chief financial officer at CIM, was the entity’s signatory on the latest sale, which Crain’s New York Business first reported

David Taylor, co-founder and managing principal at Acram, signed for the buyer, 88U Owner LLC. Acram, formerly JMC Holdings, owns and manages over 4 million square feet of real estate assets, according to its website, and has an additional 4.5 million square feet of construction underway.

Bulldog Real Estate Partners was founded last year by Rob Goldman and Sam Goldsmith. The 88 University Place deal represents their first investment, Crain’s reported.

“Sam and I are very excited to close on 88 University. It’s hard to find a more desirable location — Greenwich Village is exactly where people and companies want to be,” Goldman told Commercial Observer in a statement. “It took a lot of hard work to bring all the pieces together, but we came away with an absolute gem, and this deal sets the stage for what we’re building with Acram and our investors.”

Added Goldsmith: “This acquisition marks an important milestone for Bulldog and we look forward to delivering a thoughtfully reimagined workplace that meets the evolving needs of today’s tenants.”

Newmark’s Adam Spies, Adam Doneger and Michael Collins brokered the deal, according to sources familiar with the transaction. 

The buyers landed a $42 million, five-year, floating-rate loan from Bridge Invest, according to sources, and debt was arranged by Newmark’s Nick Scribani and Max Ralby.

The building on University Place between 11th and 12th streets is two blocks south of Union Square. 

Vacancy currently sits at 37 percent, and major tenants include fintech company Flexible Finance and investment firm Nazare Capital, according to sources familiar with the transaction. Brokerage The Agency also leases an office there, and Thai restaurant Pranakhon occupies ground-floor retail space. Rent ranges from roughly $70 to $100 per square foot. 

Prior ownership of 88 University Place also includes Adam Neumann, the former WeWork CEO and founder of Nazare Capital, and his fashion designer partner Elie Tahari, the Wall Street Journal reported. The partners bought the property in 2015 for $70 million. Arch later acquired a stake.

CIM did not respond to a request for comment. Its reasons for selling are unclear, but the real estate investment firm remains active across the city. It is currently planning 661 housing units at 25 and 30-58 Columbia Heights in Brooklyn, a site once occupied by the headquarters for the Jehovah’s Witnesses. 

Newmark declined to comment on the deal.

Emily Davis can be reached at edavis@commercialobserver.com.