CIM Group sells Gramercy building for $81 million
GFP Real Estate and Meadow Partners have acquired 301 First Avenue from CIM Group for $81 million. The vacant Gramercy building spans 160,461 SF, and contains 156 units.
Financing: The buyers secured an $130 million loan from Mack Real Estate Group to finance the acquisition and redevelopment. They plan on spending $55 million to renovate the property for student housing (650-bed dormitory), according to CO.
Flashback: CIM Group paid nearly $90 million to Mount Sinai Beth Israel for the property in 2017. The building was previously used as faculty housing for medical residents and doctors.
Worth Noting: The sellers will retain the adjacent development sites that were included in the 2017 deal.