NEW YORK CITY-CIM Group and Magnum Real Estate Group have acquired a condominium interest—primarily consisting of floors 11 through 31—in 140 West St., a 32-story office tower in Tribeca. CIM and Magnum will convert the upper floors of the building to luxury condominiums. The purchase price was undisclosed.
Originally the headquarters for the New York Telephone Company, 140 West St. takes up a full city block with street frontage on West street, Barclay street, Vesey street and Washington Street. Completed in 1927, the Art Deco building is considered one of the most significant structures in skyscraper design.
Tribeca is a community that fits CIM’s investment criteria, which focuses on urban districts positioned for economic expansion with solid infrastructure and transportation networks. This is the company’s first acquisition in the area.
The property is near the World Trade Center development and Brookfield Place; it also is within walking distance of the major transportation hub at the World Trade Center.
CIM’s investments in Lower Manhattan include 5 Hanover Square, 2 Rector St. and 15 William in the Financial District. The company’s other New York City investments include 432 Park Ave., 737 Park Ave., the Halcyon (at 305 E. 51st St.), One Madison Park, 47 E. 34th St., and 225 Fifth Ave.