NEW YORK--(BUSINESS WIRE)--CIM Group announced today that it has closed on its acquisition of the retail portion of 225 Fifth Avenue, located in Manhattan’s Flatiron District. The retail property consists of two parcels totaling 40,079 square feet and is currently 100 percent leased to a diverse array of long-term tenants including JP Morgan Chase, 24 Hour Fitness, Verizon Wireless, and United States Postal Service.
Overlooking the north end of Madison Square Park in the center of the vibrant Flatiron District, 225 Fifth Avenue is easily accessed by many major subway lines and traffic arteries. The building features 15-foot ceilings on the ground floor and approximately 200 feet of pedestrian frontage along Fifth Avenue including two coveted corner retail spaces.
Above the retail property sits the 12-story, 192-unit luxury residential condominium building, The Grand Madison, which is recognized as a New York City Landmark by the Landmarks Preservation Commission.
About CIM Group
CIM Group is a premier real estate fund manager that makes private equity and/or debt investments in urban communities throughout North America, utilizing its full array of investment and operational expertise to maximize returns while mitigating risks. With offices in Los Angeles, Bay Area, Bethesda and New York, CIM has three distinct portfolios each diversified by geography and type of property. They include: Opportunistic or repositioning and development projects in established and emerging urban areas; Stabilized/Core or well-positioned operating properties in transitional districts; and Infrastructure or properties serving the public interest. Once involved in a qualified community, CIM seeks to routinely make additional investments in order to support the growth of the community and enhance the value of its previous investments. For more information, please visit www.cimgroup.com.