Beth Israel’s Gilman Hall sold and may become dorm

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.

Mount Sinai Beth Israel previously used the space to house medical residents but sold the building as part of its plan to downsize the hospital and form a new “Mount Sinai Downtown” network of hospitals and healthcare centers. A spokesperson for Mount Sinai wouldn’t comment beyond saying that all the money from the sale would go towards Mount Sinai Downtown.

Built in 1969, the Gilman Hall Tower stands 24 stories high and is located 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.

Other properties CIM has invested in include 11 Madison Avenue, 432 Park Avenue, 737 Park Avenue, Halcyon (at 305 East 51st Street), 225 Fifth Avenue, 100 Barclay and 15 William Street.

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4 thoughts on “Beth Israel’s Gilman Hall sold and may become dorm

  1. Another dorm, conveniently located next to that 80 acres dorm dump called “Sty Town”. Who would have thought? And whoever said that this Mount Sinai Beth Israel re-organization of downsizing and selling off its Gramercy properties was to provide better/efficient medical service and not a real estate deal, well, I got a bridge to sell you.

  2. This is probably the least surprising news I have heard in quite some time. This will be for the students that don’t get the option for Stuy Dorm in the school housing lottery.

  3. Just what we need…more students who have no sense of what the word community means and who will have their heads buried in their cell phones. Thanks but no thanks.

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