By Sabina Mollot
Gilman Hall, the building at Beth Israel Medical Center’s First Avenue campus, that was put on the market last summer has sold for $87 million to an owner who plans to turn it into student housing.
Asset manager CIM Group announced on Tuesday that it bought the 146,000-square-foot Gilman Hall Tower and contiguous parcels.
“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,” said 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.”
A spokesperson for CIM said the company wouldn’t be commenting further on the future of the property.