CIM signs $48M construction loan with Bank OZK for 11-unit condo conversion in Gramercy

CIM Group through the entity 67 Irving (NY), LLC as borrower signed a new construction loan with lender Bank OZK valued at $48 million for the conversion of the office building (O6) at 67 Irving Place in Gramercy, Manhattan, into an 11-unit residential condominium building.

On the lot, there is one active major alteration construction project, M00888167, for an 11-unit, 49,125 square-foot residential (J-2) building. The project was submitted by CIM Group and filed by Cat Liu with plans filed June 13, 2023 and permitted September 24, 2025. On the tax lot, the most recent condominium plan was filed by 67 IRVING (NY), LLC to create 11 residential units and 1 commercial unit in the building called 67 Irving Place Condominium, according to a September 13, 2024 submission to the New York State Attorney General. The principal of the sponsor, 67 IRVING (NY), LLC, was David Thompson. The sponsors have not yet disclosed the initial offering price.

The loan closed on October 8, 2025 and was recorded on October 24, 2025. The property has 49,125 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $977 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 owner bought the property on October 18, 2017, for $34.3 million. The signatory for CIM Group was David Thompson .

Prior sales and revenue

The 49,125-square-foot property generated revenue of $2.4 million or $49 per square foot, according to the most recent income and expense figures.

The property

The office building in Gramercy has 49,125 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 46 feet and is 85 feet deep with a total lot size of 3,929 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $11.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $500 in OATH penalties in the last year.

The neighborhood

In Gramercy, The bulk, or 31 percent of the 11.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 24 percent of the space. In sales, Gramercy has 1.5 times the average sales volume among other neighborhoods with $436 million in sales volume in the last two years and is the 22nd highest in Manhattan. For development, Gramercy has 1.6 times the average amount of major developments relative to other neighborhoods and is the 18th highest in Manhattan. It had 2.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 20 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 26 commercial properties representing 548,747 square feet of the 836,416 square feet. The largest owner is Orda Management, followed by Ditmas Management Corp. and then S.W. Management.
There are no active new building construction projects on this tax block.

The majority, or 78 percent of the 836,416 square feet of built space are office buildings, with elevator buildings next occupying 9 percent of the space.

The borrower

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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