CIM Group has acquired the residential and garage portions of 165 East 66th Street from Crescent Heights for $210 million, according to TRD. The rental tower spans 286,755 SF, and contains 152 apartments.
The backdrop: Amidst the slowdown in the condo market, Crescent Heights withdrew plans to convert the property into residential condos. The sale does not include the retail component along Third Avenue.
Acquisition financing: CIM financed the deal with a $178 million debt package from Pimco Commercial Real Estate Debt.
Flashback: Crescent Heights paid CalPERS $230 million for the property in 2013.