NEW YORK CITY-CIM Group is selling a Hollywood hotel as well asa downtown Manhattan parcel as it nearing financing for its$1.2-billion development on Park Avenue. The company is expected toclose on the financing in June for its 1,395-foot residential towerin Midtown.
CIM has agreed to dispose of the Renaissance Hollywood Hotel toNew York-based Loews Hotels & Resorts for an undisclosed priceand sell an 11,400-square-foot lot on Sullivan Street for about $30million to Property Markets Group and Madison Equities. For thefull story, go to Wall Street Journal .
GlobeSt.com News Hub is your link torelevant real estate and business stories from other local,regional and national publications.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.