NEW YORK--(BUSINESS WIRE)--CIM Group announced today the sale of the ground-floor retail condominium space at 15 William, a 47-story, luxury residential building located in the heart of Manhattan’s Financial District.
CIM acquired the building in December 2010 and successfully secured a long-term retail tenant, Open Kitchen, for the approximately 5,500-square-foot retail space. This high-end gourmet market and eatery is one of the few that stays open late night and serves the surrounding community—especially the residents of 15 William, a building consisting of 320 luxury residential units, ranging from studios to three-bedrooms. Residences feature Burmese teak floors, top-of–the-line appliances, and a number of homes include private outdoor space with water views of Brooklyn, the Statue of Liberty and New Jersey. The building also includes highly sought-after amenities such as a fitness center, rooftop lounge, screening room, and an outdoor basketball court.
The retail property’s main street frontage is on Beaver Street in the Financial District, an area that has historically been home to the headquarters of several of the world’s top financial firms, law offices, and corporations. The district is quickly transforming into a desirable residential community with around-the-clock pedestrian traffic as a result of the addition of several new residential, retail, restaurant, and entertainment options. The retail space at 15 William is located within blocks of several popular New York City destinations including The New York Stock Exchange and Battery Park. It is also situated near abundant transportation alternatives including nearly all NYC subway lines as well as ferry service to Brooklyn, Staten Island and New Jersey.
CIM Group identified the Financial District as an urban community that meets the firm’s strategic investment model, which focuses on established and emerging urban areas with solid infrastructure and transportation networks as well as significant public and private investment. For more than a decade, CIM has been involved in the New York metropolitan area and 15 William was the firm’s first investment in the Financial District. Since then, CIM has acquired other properties in the Financial District including 5 Hanover Square and 2 Rector, as well as other New York City investments including 140 West Street, 432 Park Avenue, Halcyon at 305 East 51st Street, and 47 E. 34th Street.
About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional and established districts; and infrastructure. CIM manages three distinct portfolios, including opportunistic, stabilized and infrastructure funds, each of which are diversified by geography and type of property within that risk profile. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area and Bethesda, Maryland. For more information, please visit www.cimgroup.com