CIM, Magnum to Make an Adaptive Reuse Play in Manhattan
By Joshua Ayers, Senior Editor
New York—Real estate and infrastructure investment firm CIM Group and Magnum Real Estate Group have announced the acquisition of the condominium interest of 21 floors at 140 West Street in Manhattan’s Tribeca neighborhood. The building is also known as the Barclay-Vesey Building, or more recently as the Verizon Building.
The two companies aim to convert the 11th through 31st floors of the 32-story office building into luxury condominiums. The building was completed in 1927 and was the first notable project of Ralph Walker, a an early 20th Century architect recognized for his design of the Art-Deco style building, as well as the Irving Trust Building located at 1 Wall Street in Downtown Manhattan. The 140 West Street Building served as the original headquarters for the New York Telephone Company.
The acquisition marks the second in Manhattan for CIM in less than a month. In December, the group purchased 265-275 Cherry Street, a 490-unit Section 8 subsidized housing community in Manhattan’s Lower East Side. CIM Group, which is headquartered in Los Angeles, has been investing in the New York metropolitan area for more than a decade and currently has 14 investments located on the island of Manhattan.
CIM Group has built a reputation for investing in in dense urban areas that provide sound infrastructure and transportation, as well as present the opportunity for economic expansion. 140 West Street is the company’s first acquisition in the Tribeca neighborhood, which is defined by its cobblestone streets, well-known dining options, luxury shopping and warehouse loft conversions. The property is located within close proximity of the World Trade Center and Brookfield Place.
The Building is also within easy walking distance of the World Trade Center PATH Station, which offers access to major subway and bus lines, as well as PATH trains to New Jersey.