CIM Sells Manhattan Luxury Tower for $80M
A joint venture purchased the 110-unit Madison Park Tower, a onetime hotel, using a $65 million acquisition loan from affiliates of Square Mile Capital Management.
By Corina Stef
CIM Group LP has sold Madison Park Tower, a luxury residential building situated in Manhattan’s Murray Hill neighborhood. The buyer, a joint venture between Morgenstern Capital and TLM Equities LLC, paid $80 million for the 36-story tower. The sale was financed by a $65 million acquisition loan provided by affiliates of Square Mile Capital Management.
According to Yardi Matrix data, the tower was built in 2007 and previously served as a hotel. It underwent an adaptive reuse renovation in 2009, and currently features 5 studios, 75 one-bedroom units and 30 two-bedroom units overlooking the Empire State Building, East River and the Manhattan skyline. In addition to 2,950 square feet of ground-floor retail, it boasts:
- Floor-to-ceiling windows
- Oak, hardwood floors and marble bathrooms
- 24-hour attended lobby
- Setback terraces
- Fitness center
- Cardio fitness room
- Laundry room
- Bike storage
Located at 49 E. 34th St., Madison Park Tower is bounded by Bryant Park and Madison Square Park, retailers, restaurants, cafes, hotels and art galleries.
Cushman & Wakefield Capital Markets’ Adam Spies, Doug Harmon, Adam Doneger, Kevin Donner and Avery Silverstein represented the seller in the transaction. Cushman’s Equity, Debt and Structured Finance team comprising Steve Kohn, Gideon Gil, Dave Karson, Alex Hernandez, Chris Moyer and Alex Lapidus acted on behalf of the buyer.
“We had a tremendous market response to this financing effort. Square Mile was able to work with our clients to provide a truly customized solution for this acquisition and its business plan,” Gil said in a prepared statement.
Adaptive reuse renovations of hotels into luxury residences has been a popular theme this year, with LeFrak recently embarking on the transformation of the former Dumont NYC boutique hotel into 260 units called Murray Hill Marquis.
Images via www.madisonparktower.com
