CIM Group buys back 432 Park unit for $13M as part of larger transaction

The sponsor of the Billionaires’ Row condominium project 432 Park Avenue, the CIM Group, paid $13 million to buy a condo unit in its own development, from a condo owner who will in turn make a larger purchase in the building, according to a person familiar with the transaction.

CIM Group and Macklowe Properties developed the building, which obtained its initial temporary certificate of occupancy in in 2015. The building has a current sellout price on the New York Attorney General’s website of $3.1 billion.

In the transaction, CIM Group purchased unit 36A for $13 million. This was the third sale of the unit. CIM sold it initially in 2018 for $15.3 million. That buyer sold it the next year for $15.75 million to BBH Ventures. It was BBH Ventures that sold the unit to CIM for $2.75 million below its purchase price.

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