CIM Group has sold an iconic Beaux-Arts office building in Greenwich Village for $46 million. The 100,000-square-foot property, located at 88 University Place, includes ground-floor retail space and was acquired by a joint venture between Bulldog Real Estate Partners and Acram Group. This transaction marks Bulldog’s inaugural acquisition since its recent formation.
Key Takeaways
- CIM Group has divested its Greenwich Village office property at 88 University Place for $46 million.
- The buyer is a joint venture between Bulldog Real Estate Partners and Acram Group.
- Newmark facilitated the sale and arranged acquisition financing.
- The acquisition represents Bulldog Real Estate Partners’ first deal since its founding.
Transaction Details
The sale of 88 University Place, a significant Beaux-Arts office building in Manhattan’s sought-after Greenwich Village, has been finalized. CIM Group, the seller, offloaded the 100,000-square-foot property for $46 million. The acquisition was made by a newly formed joint venture comprising Bulldog Real Estate Partners and Acram Group.
Newmark played a pivotal role in the transaction, with Adam Spies, Adam Doneger, and Michael Collins representing the seller and sourcing the buyers. Additionally, Newmark’s debt and structured finance team, led by Jordan Roeschlaub, Nick Scribani, Max Ralby, and Ryan Bub, secured $42.5 million in acquisition and business plan financing for the joint venture. BridgeInvest provided the loan.
Strategic Acquisition for Bulldog Real Estate Partners
This acquisition is a landmark event for Bulldog Real Estate Partners, a company founded in 2025 by partners Rob Goldman and Sam Goldsmith. "We identified a unique opportunity to acquire a well-located asset in one of Manhattan’s most supply-constrained submarkets at a basis that supports a comprehensive repositioning," stated Goldsmith. He further added, "This acquisition marks an important milestone for Bulldog and we look forward to delivering a thoughtfully reimagined workplace that meets the evolving needs of today’s tenants."
The property’s prime location in Greenwich Village, a submarket known for its limited office supply, makes it an attractive asset for repositioning and redevelopment to meet contemporary tenant demands.