NEW YORK--(EON: Enhanced Online News)--CIM Group and Kushner Companies announced today the sale of 200 Lafayette Street, a seven-story, approximately 121,000-square-foot office and retail property located in the heart of Manhattan’s SoHo neighborhood.
After acquiring the property in January 2012, CIM and Kushner embarked on an extensive renovation and modernization of the building, including a conversion into a Class-A, LEED-certified office and retail property. Constructed in 1893, the building’s historic brick and brownstone façade was restored and preserved, while the interiors were updated to suit the needs of a technologically-advanced 21st century creative office space. The building’s large, open floor configurations feature the original, restored exposed brickwork, iron and wood support beams, and tin ceilings. Other enhancements included a new lobby and all-new elevators as well as mechanical, electrical and plumbing systems. In May 2012, JCPenney signed a 15-year lease for the entire building.
The building is located at the corner of Lafayette and Broome Streets in SoHo, a bustling area notable for its wide variety of upscale shops, boutiques, galleries, restaurants, and residential lofts. The building is conveniently situated near several major subway stations, with quick access to major thoroughfares including Broadway, Canal Street, and Houston Street as well as the Manhattan and Brooklyn Bridges. CIM Group identified SoHo as an urban district 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 made its first investment in SoHo in 2010 with the Trump SoHo, a world-class luxury condominium-hotel. CIM’s other New York City investments include 432 Park Avenue, 2 Rector Street, 15 William, 5 Hanover Square, 11 Madison, and 47 E. 34th Street, among others.
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
About Kushner Companies
Kushner Companies is a diversified real estate organization headquartered in New York City. The company is involved in the ownership, management, development and redevelopment of numerous properties. Kushner Companies’ national reach consists of more than 19,500 multifamily apartments, as well as 7 million square feet of office, hotel, industrial and retail space throughout New York, New Jersey, Pennsylvania, Ohio, Indiana and Illinois.