NEW YORK — Real estate manager CIM Group announced that it has purchased the Gilman Hall site from Mount Sinai Beth Israel, a property on the East Side of Manhattan which includes the 146,000-square-foot Gilman Hall Tower and contiguous parcels in Manhattan.
The purchase price wasn’t disclosed.
Built in 1969, the Gilman Hall Tower is an apartment building that stands 24 stories high and is located on the corner of First Avenue and East 17th Street. The entire site is zoned for a total of approximately 225,000 square feet, including a combination of community facility, residential and commercial uses. Mount Sinai Beth Israel Hospital recently vacated the former medical resident housing facility and intends to reinvest the proceeds from the sale into the new Mount Sinai Downtown Network and new Mount Sinai Beth Israel Hospital.
“The Gilman Hall site represents an exceptional opportunity to reposition and modernize a significant property in an exciting location currently experiencing substantial public and private investment,” said Avi Shemesh, Co-Founder and Principal of CIM Group. “While the surrounding neighborhood offers desirable amenities and excellent public transportation that complements a variety of potential uses, we believe the site is particularly well suited for a student housing and educational facility use for which several institutions have expressed interest.”
CIM Group has $19 billion in assets under management. It has invested in the New York metropolitan area with projects including 11 Madison Avenue, 432 Park Avenue, 737 Park Avenue, Halcyon (at 305 East 51st Street), 225 Fifth Avenue, 100 Barclay, and 15 William Street.