CIM Group Buys Fifth Ave. Retail Space

NEW YORK CITY-Continuing to grow its presence in New York, CIM Group has purchased retail space at 225 Fifth Ave., the company announced on Wednesday in a press release. The sale was made for $80 million, according to Crain’s New York Business. Adam Spies and Doug Harmon of Eastdil Secured arranged the sale on behalf of seller Extell Development. The newly acquired stores consist of two parcels totaling 40,079 square feet of corner space that comprise approximately 200 feet of pedestrian frontage.

The space is 100% leased to several long-term tenants, including JP Morgan Chase, 24 Hour Fitness, Verizon Wireless, and United States Postal Service. It overlooks the north end of Madison Square Park, in the city’s Flatiron District. The building’s ground floor features 15-foot ceilings while the stores sit below a condominium complex that has been recognized as a New York City Landmark by the Landmarks Preservation Commission.