By Sabina Mollot
The building that used to house Mount Sinai Beth Israel’s Karpas Health Information Center has been sold and will soon be demolished.
The new owner filed an application to demolish the four-story property at 311 First Avenue and 18th Street, last October, and scaffolding now surrounds the property. There is not yet an application for new development although the razing of the building, which also has nine residential units, was said to be in preparation for an unspecified “plan.”
CIM Group, a Los Angeles-based real estate investment group and private equity firm, through an LLC called 305 First Avenue (NY), bought the property last March for $27.5 million from Mount Sinai, according to Acris records.
At that time, the company also purchased the hospital’s nearby Gilman Hall, which had housed Beth Israel employees for $46.5 million. The purchase included “contiguous parcels,” bringing the total price to $87 million. However, the sale of the much smaller 311 First Avenue wasn’t mentioned in the official announcement at the time. CIM has said it was considering turning Gilman Hall into a dorm.
The company, through a spokesperson, declined to comment on plans for 311 First Avenue.
CIM Group specializes in taking over distressed properties in order to redevelop or reposition them.
When it was the Karpas Center, the spacious storefront of the building had offered walk-in informational services as well as classes like meditation and support group meetings for former smokers.
Those services have since been moved to other Mount Sinai locations, a spokesperson for the hospital network said this week, and all the money from the sale was reinvested into the Mount Sinai Downtown facilities.
As for the people who used to live at 311, who were all Beth Israel physicians, they’ve since all moved to other apartments nearby.