
Gilman Hall (photo via Google Maps)
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.