NEW YORK CITY—CIM Group has purchased the Gilman Hall site—a property which includes the 146,000-square-foot Gilman Hall Tower and contiguous parcels in Manhattan—from Mount Sinai hospital. Real Capital Analytics states the transaction was done for $87 million, or $557,692 per unit.
Built in 1969, the 24 story property high is on the corner of First Avenue and East 17th Street. The entire site is zoned for a total of approximately 225,000 square feet, including a combination of community facility, residential and commercial uses. Mount Sinai Beth Israel Hospital recently vacated the former medical resident housing facility and intends to reinvest the proceeds from the sale into the new Mount Sinai Downtown Network and new Mount Sinai Beth Israel Hospital.
“The Gilman Hall site represents an exceptional opportunity to reposition and modernize a significant property in an exciting location currently experiencing substantial public and private investment,” says Avi Shemesh, co-founder and principal of CIM Group. “While the surrounding neighborhood offers desirable amenities and excellent public transportation that complements a variety of potential uses, we believe the site is particularly well suited for a student housing and educational facility use for which several institutions have expressed interest.”
For more than a decade, CIM Group has invested in the New York metropolitan area, with projects including 11 Madison Ave., 432 Park Ave., 737 Park Ave., Halcyon (at 305 E. 51st St.), 225 Fifth Ave., 100 Barclay, and 15 William St.
Built in 1969, the 24 story property high is on the corner of First Avenue and East 17th Street. The entire site is zoned for a total of approximately 225,000 square feet, including a combination of community facility, residential and commercial uses. Mount Sinai Beth Israel Hospital recently vacated the former medical resident housing facility and intends to reinvest the proceeds from the sale into the new Mount Sinai Downtown Network and new Mount Sinai Beth Israel Hospital.
“The Gilman Hall site represents an exceptional opportunity to reposition and modernize a significant property in an exciting location currently experiencing substantial public and private investment,” says Avi Shemesh, co-founder and principal of CIM Group. “While the surrounding neighborhood offers desirable amenities and excellent public transportation that complements a variety of potential uses, we believe the site is particularly well suited for a student housing and educational facility use for which several institutions have expressed interest.”
For more than a decade, CIM Group has invested in the
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
Already have an account? Sign In Now
*May exclude premium content© 2025 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.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
