CIM Group

Hotels, Soho

Image: Trump Soho; Donald Trump via Wikimedia Commons

After a prolonged economic slump and a not-so-subtle rebranding, Soho’s Dominick Hotel—formerly known as the Trump Soho—has experienced a formidable increase in revenue, as Bloomberg reports. The revenue per available room rose more than 20 percent from last year. The hotel’s average nightly rate increased by $51 (a 20 percent increase compared to just 2 percent among the hotel’s competitors) and had 7,000 more bookings in 2018 than in 2017.

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Architecture, DUMBO, New Developments

Front and York, 85 Jay Street, Dumbo, Brooklyn

Renderings courtesy of Williams New York

The future of the empty, former parking lot at 85 Jay Street was revealed last week when developers released new details and renderings of the highly-anticipated project. Named Front & York after its bordering streets, the development will be a 21-story residential and retail complex bringing 728 new apartments (a mix of condos and rentals) to the neighborhood. According to reporting by The Bridge, the development will be the largest yet in Dumbo and will supply enough housing to increase the population of the upscale neighborhood by 25 percent.

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Lower East Side, New Developments, Rentals

two bridges

Rendering courtesy of Handel Architects.

Update 12/7/18: The City Council and Manhattan Borough President Gale Brewer filed a suit in the Manhattan Supreme Court “claiming city planners usurped the Council’s authority over land-use issues in approving the project,” reported The Real Deal.

The City Planning Commission gave the green light Wednesday to a controversial application filed by four developers to build three new residential towers in the Lower East Side’s Two Bridges development, which are expected to add 3,000 housing units between them, The Real Deal reports. 700 units will be affordable. The large-scale residential towers were approved in a 10-3 vote on Wednesday, after a lengthy, often acrimonious review process. The towers are comprised of JDS Development’s 1,000-unit rental tower at 247 Cherry Street, L+M Development and CIM Group’s 798-foot tower at 260 South Street; and Starrett Corporation’s 730-foot building at 259 Clinton Street.

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Midtown, Recent Sales

432 Park Avenue

Photo via Douglas Elliman

CIM Group and Macklowe Properties announced on Wednesday that the world’s tallest residential building just broke another record: the single best-selling building in New York City. According to the developers, they have sold $2 billion in luxury condominiums at 432 Park Avenue, a 1,396-foot tower designed by renowned architect Rafael Viñoly. The building’s most significant closings include 48 residences selling for more than $20 million each.

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Hotels, Soho

Image: Trump Soho; Donald Trump via Wikimedia Commons

After an 11-year economic slump, local protests and multiple lawsuits, the Trump Soho condominium and hotel at 246 Spring Street has officially become the Dominick Hotel and Spa. Last month, the Trump Organization cut ties with the property after making a deal with the building’s owner, CIM Group, to step away from the hotel amid a decline in room prices. Between 11 pm on Wednesday and 3 am on Thursday, workers removed the Trump Soho lettering from the facade of the glitzy 46-story hotel, literally erasing President Trump’s association with the building.

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Chinatown, Lower East Side, Policy

247 cherry street

Rendering of 247 Cherry Street via SHoP Architects

In an effort to slow construction of three residential towers in the Two Bridges neighborhood, City Council Member Margaret Chin and Manhattan Borough President Gale Brewer will submit an application to the Department of City Planning that forces the plan to go through the city’s land use review process. Developments at the waterfront site include a 1,000+ foot tower from JDS Development Group, a 1.1 million-square-foot development from L+M Development and CIM Group, and a 724-foot rental building from Starrett Development. According to Politico, the Manhattan pols hope the review process will encourage public scrutiny of the projects, including a demand for shorter structures.

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City Living, Hotels, Soho

Trump dumps Soho hotel after glitzy launch and 11-year slump

By Michelle Cohen, Mon, November 27, 2017

Image: Trump Soho; Donald Trump via Wikimedia Commons.

New York City has never, barring perhaps a short stretch of the go-go ’80s, been Trump country. But the Trump Organization’s high-profile Midtown properties blend with the area’s flow of international money and glamour-seeking tourists. Much further downtown, the Trump Soho condominium/hotel at 246 Spring Street has been at best a minor embarrassment in the neighborhood since the ambitious announcement of its birth on Donald J. Trump’s TV show “The Apprentice” 11 years ago. Now, what was launched as “an awe-inspiring masterpiece,” is being severed from the Trump fold, the New York Times reports. In addition to poor economic performance, the 46-story luxury hotel has attracted opposition from locals since its arrival, protests during Trump’s candidacy and scrutiny after the election due to its ties to a Russian dealmaker.

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Art, Brooklyn

A rendering of the proposed Brooklyn sign in place of the “Watchtower” sign. Image courtesy of Susanna Briselli.

“Brooklyn is a potent idea as well as a place,” according to Susanna Briselli, who explains in the Brooklyn Eagle that the borough’s name “summons vivid images and associations.” Briselli, who is an artist and photographer, suggests this potent chemistry is a compelling enough reason to create an enormous free-standing illuminated sign that reads “Brooklyn!” The massive work would be used to draw in more visitors and increase value, placed where the soon-to-be removed “Watchtower” sign in Brooklyn Heights now stands, or at another highly visible site such as Pier 7.

A sign of the times

Brooklyn Heights, New Developments

Watchtower, Jehovah's Witnesses, 25-30 Columbia Heights

For nearly 50 years, the neon red 15-foot-tall ‘Watchtower’ sign has sat atop the former headquarters of the Jehovah’s Witnesses luminously overlooking Brooklyn Heights. However, earlier this month, the religious group filed a permit application seeking to remove the sign. According to The Real Deal, this comes almost a year after developers Kushner Companies, CIM Group and LIVWRK Holdings purchased the spot at 25-30 Columbia Heights for $340 million with plans to convert the building into a 635,000-square-foot office complex, “Panorama.”

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Architecture, Brooklyn Heights, New Developments

Panorama, Watchtower, Volley Studio

Last summer, developers CIM Group, Kushner Companies and LIVWRK acquired the Jehovah’s Witnesses Watchtower building at 25-30 Columbia Heights in Brooklyn Heights for $340 million. The building, known for its iconic red sign, served as the world headquarters of the religious group for years, but they’re relocating to Warwick, New York. Now, work has begun to turn its three 19th century brick and timber buildings into 635,000 square feet of office space, as well as 35,000 square feet of retail and outdoor areas, as Fast Company reports. The new space will be known as Panorama, for its stunning views of the Manhattan skyline and Brooklyn Bridge.

See renderings of the Panorama complex

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