Acram Group, Bulldog RE Partners pay $46M to CIM Group for office in Greenwich Village

UPDATED 12:09 p.m., March 27, 2026: Acram Group and Bulldog Real Estate Partners through the entity 88u Owner LLC paid $46 million through a real estate owned to CIM Group through the entity 88 Tower LLC for the office building (O6) at 88 University Place in Greenwich Village, Manhattan. The expected use is cash flowing.
The deal closed on March 24, 2026 and was recorded on March 26, 2026. The property has 70,642 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $651 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on November 22, 2024, for $7 million. The signatory for CIM Group was David Thompson . The signatory for Acram Group and Bulldog Real Estate Partners was David Taylor . The contract date was October 24, 2025.

Bulldog Real Estate Partners was founded in 2025 by Sam Goldsmith and Rob Goldman.

Lender CIM Group through the entity Crec 88 Tower (Intermediate), LLC acquired the office building (O6) at 88 University Place in Greenwich Village, Manhattan, through a UCC foreclosure from former owner Arch Companies’s entity 88 Tower LLC. The city transfer price was $48.6 million. The expected use is cash flowing.
The deal closed on September 19, 2024 and was recorded on October 17, 2024. The property has 70,642 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $687 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The Arch Companies bought the property on May 23, 2022, for $31.1 million. The Real Deal reported in July that A bankruptcy judge ruled June 21, 2024, that the UCC foreclosure could go ahead. Arch Companies is involved in a complex bankruptcy involving several state court actions, with Jeffrey Simpson battling the company’s equity investor, a Canadian family office called 35 Oak Holdings.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Acram Group purchased one property in one transaction for a total of $21.2 million and has no record it sold any properties over the past 24 months.
The seller CIM Group purchased two properties in two transactions for a total of $104.3 million and sold 11 properties in five transactions for a total of $251.1 million over the same time period.

The property

The office building in Greenwich Village has 70,642 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 31 feet and is 110 feet deep with a total lot size of 6,750 square feet. The lot is irregular. The zoning is C1-7 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The city-designated market value for the property in 2022 is $30.6 million.

Transaction Participants

Harrison Kleinman at Greenberg Traurig, LLP participated in the transaction on behalf of the buyer .

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Greenwich Village, The bulk, or 24 percent of the 22.4 million square feet of commercial built space are specialty buildings, with hotel buildings next occupying 17 percent of the space. In sales, Greenwich Village has 3.8 times the average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the 10th highest in Manhattan. For development, Greenwich Village has near average amount of major developments among other neighborhoods and is the 25th highest in Manhattan. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 10 commercial properties representing 99,043 square feet of the 138,850 square feet. The largest owner is Cim Group, followed by Jonathan Posner and then David Switzer.
There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 138,850 square feet of built space are office buildings, with mixed-use buildings next occupying 27 percent of the space.

The seller

The PincusCo database currently indicates that CIM Group owned at least 10 commercial properties with 772 residential units in New York City with 3,072,755 square feet and a city-determined market value of $622.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 60 percent of the 3,072,755 square feet of built space are office properties, with D6 properties next occupying 37 percent of the space. The bulk, or 72 percent of the built space, is in Brooklyn, with Manhattan next at 28 percent of the space.

The buyer

The PincusCo database currently indicates that Bldg Management owned at least 168 commercial properties with 4,949 residential units in New York City with 6,361,730 square feet and a city-determined market value of $1.7 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 55 percent of the 6,361,730 square feet of built space are elevator properties, with office properties next occupying 19 percent of the space. The bulk, or 75 percent of the built space, is in Manhattan, with Queens next at 15 percent of the space.

Correction: A prior version of this post said BLDG Management was a co-buyer, however that was inaccurate. The correct co-buyer is Bulldog Real Estate Partners.

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