CIM Group Sells 88 University Place in Greenwich Village for $46M
CIM Group has sold 88 University Place in Manhattan’s Greenwich Village neighborhood for $46 million, offloading the 11-story, 70K+ square foot office building less than two years after taking control of it through a UCC foreclosure.
The buyers are a partnership between Acram Group (formerly known as JMC Holdings, with over 4 million square feet under management) and Bulldog Real Estate Partners, a newly formed firm founded by Rob Goldman and Sam Goldsmith. The deal marks Bulldog’s first acquisition.
A Building With a Complicated History
CIM took control of 88 University Place in 2024 from Arch Companies for $48.6 million in a UCC foreclosure sale. Arch had previously defaulted on a refinancing that was supposed to fund renovations at the property, and the building had struggled since its anchor tenant IBM vacated during the pandemic.
The ownership history runs even deeper: prior owners include Adam Neumann, the former WeWork CEO and founder of Nazare Capital, and fashion designer Elie Tahari, who bought the property together in 2015 for $70 million.
CIM’s exit at $46 million — below what it paid to acquire the asset — reflects the ongoing reset in Manhattan’s office values, particularly for older, partially vacant buildings.
The Asset Today
The building sits on University Place between 11th and 12th Streets, two blocks south of Union Square. Vacancy currently stands at 37 percent, with tenants including fintech company Flexible Finance, investment firm Nazare Capital, and brokerage The Agency. Ground-floor retail is occupied by Thai restaurant Pranakhon. Asking rents range from roughly $70 to $100 per square foot.
New Ownership, Repositioning Ahead
The buyers were candid about their intentions. Goldman called the location “exactly where people and companies want to be” and described the asset as “an absolute gem.” Goldsmith noted the partnership plans to deliver a “thoughtfully reimagined workplace” for today’s tenants — signaling a meaningful renovation is in the works.
The buyers secured a $42 million, five-year floating-rate acquisition loan from Bridge Invest, arranged by Newmark’s Nick Scribani and Max Ralby. Newmark’s Adam Spies, Adam Doneger, and Michael Collins brokered the sale.
What the Deal Signals
The transaction is a notable data point for the Greenwich Village office market. At roughly $46M and 37% vacant, the deal represents a clear value-add play — new owners betting that the right capital improvements and leasing strategy can stabilize a well-located but neglected asset.
For the broader Manhattan office market, this type of transaction (distressed seller, active buyer partnership, aggressive financing), reflects the two-speed recovery underway. Well-located boutique buildings near transit hubs are attracting interest, even when they come with baggage.
Final Thoughts
88 University Place has changed hands at a significant discount to its 2015 acquisition price, but the new ownership team is clearly buying the location as much as the building.
Greenwich Village remains one of Manhattan’s most coveted submarkets, and with the right renovation, a building two blocks from Union Square has a clear path forward.
For investors, the story here isn’t the distress — it’s whether Bulldog and Acram can execute on the turnaround.
Real Observer Deals
Real Observer tracks commercial real estate transactions, development activity, and market intelligence across the Tri-State region. Subscribe free →