Cain International pays $170.3M to CIM Group for Dominick Hotel in Hudson Square

Cain International through the entity Sapphire Ny Hotel Propco LLC paid $170.3 million to CIM Group through the entity 246 Spring Street (Ny), LLC for the Dominick Hotel building at 246 Spring Street in Hudson Square, Manhattan. The expected use is cash flowing.
The deal closed on October 10, 2025 and was recorded on October 21, 2025. The building is divided into 280 commercial condominium units that have 221,800 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $767 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 signatory for CIM Group was David Thompson . The signatory for Cain International was Eric Poretsky . The contract date was June 27, 2025. This is the Dominick Hotel, formerly known as the Trump SoHo. The transfer is composed of 277 hotel condo units and three commercial condo units, one for antenna, another for spa and the largest for food service. The Real Deal reported in July that Cain was negotiating a purchase.

The purchase was financed with a $135 million senior loan from Madison Realty Capital.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Cain International had purchased any other properties 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 hotel in Hudson Square has 221,800 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 29,515 square feet. The city-designated market value for the property in 2022 is $17.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

The neighborhood

In Hudson Square, The majority, or 76 percent of the 11.9 million square feet of commercial built space are office buildings, with industrial buildings next occupying 8 percent of the space. In sales, Hudson Square has had very little sales volume relative to other neighborhoods with $115.1 million in sales volume in the last two years. For development, Hudson Square has had very little major development activity relative to other neighborhoods.It had -3,636,537 square feet of commercial and multi-family construction under development in the last two years, which represents -30.67 percent of the neighborhood’s built space.

The block

On the tax block of 246 Spring Street, PincusCo has identified the owners of two of the seven commercial properties representing 93,089 square feet of the 309,301 square feet. The two identified owners are Nyc Department Of Education and Icon Realty Management.
There are no active new building construction projects on this tax block.

The majority, or 62 percent of the 309,301 square feet of built space are office buildings, with specialty buildings next occupying 27 percent of the space.

The seller

The PincusCo database currently indicates that CIM Group owned at least nine commercial properties with 772 residential units in New York City with 3,023,630 square feet and a city-determined market value of $611.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 59 percent of the 3,023,630 square feet of built space are office properties, with D6 properties next occupying 37 percent of the space. The bulk, or 73 percent of the built space, is in Brooklyn, with Manhattan next at 27 percent of the space.

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