By Sabina Mollot
Los Angeles-based real estate investment firm CIM Group appears to be moving along with its plans for the property that used to be the Beth Israel Karpas Health Information Center.
The four small adjoining buildings on First Avenue and 18th Street across from Stuyvesant Town have finally been demolished after undergoing a lengthy asbestos abatement treatment.
Additionally, CIM Group has filed an application with the Department of Buildings to be an eleven-story residential building with some retail space. According to the filing, it will have 48,374 square feet of residential use and 6,966 of commercial (with a total 55,340). Not all the paperwork has yet been filed by the owner, so currently, the DOB notes on its site that should members of the public have any objection to the property being built, it will have to wait until all documents have been submitted. Then, there would be a 45-day window to challenge it. A DOB spokesperson said this process is standard for any new building in the city and not specific to this property.
While the building that once housed the Karpas Center was 311 First Avenue, the new development has the address of 350 East 18th Street. The architect on the project is BKSK Architects.
Real estate blog YIMBY, which first reported on the DOB application, also reported that the planned structure will be 124 feet tall and 6,970 square feet will be devoted to ground-floor retail space. Forty apartments will be created, averaging 1,200 square feet apiece, indicating condominiums. Amenities for residents will include a lobby, storage, a children’s playroom, fitness center and lounges on the second floor and the top floor, and a rooftop terrace.
A spokesperson for CIM Group didn’t respond to a request for comment and neither did an agent connected to the property, according to an online listing.
CIM Group bought the property in March of 2017 for $27.5 million as part of a deal in which the company also acquired the much larger Gilman Hall, the residential building next door that was previously home to residents at Beth Israel, for $46.5 million. CIM said previously that it was considering turning Gilman into a dorm.
CIM Group specializes in taking over distressed properties in order to redevelop or reposition them.