A title document recorded last Thursday shows CIM Group paying $469,400,000 for 49% of 11 Madison Avenue. The massive 1,600,000 square f00t property was bought by the Sapir Organization in 2003 for $675,000,000, our records show.
The deal was first reported by the Wall Street Journal on December 16th. However, the transfer price was undisclosed at that time.
The same source reports that the current transaction is the third to be signed between the two organizations. The CIM Group previously bought the loan for 209 unsold apartments at the Williams Beaver House, and part of the loan at Trump Soho, the condo hotel developed by the Sapir Organization and Bayrock Group.