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.