David Werner, Sam Fisch pay $17M to CIM Group for leased commercial condo in FiDi

David Werner Real Estate Investments and Samual Fisch through the entity 5 Hanover Square LLC paid $17 million to CIM Group through the entity 5 Hanover Square (NY) Owner, LLC for the office condo at 5 Hanover Square in Financial District, Manhattan, property at 5 Hanover Square in Financial District, Manhattan, and property at 5 Hanover Square in Financial District, Manhattan. The expected use is cash flowing.
The deal closed on July 2, 2025 and was recorded on July 10, 2025. The three properties have 49,183 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $345 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 David Werner Real Estate Investments and Samual Fisch was David Werner . The contract date was April 2, 2025. Leased to Ideal School. David Werner signed for the entity on the deed transfer, and Fisch signed for the same entity for the $21 million loan from Deutsche Bank.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer David Werner Real Estate Investments purchased six properties in six transactions for a total of $513.2 million and sold one property in one transaction for a total of $275 million over the past 24 months.
The seller CIM Group purchased one property in one transaction for a total of $48.6 million and sold four properties in two transactions for a total of $145.6 million over the same time period.

The property

The commercial condos in Financial District have 49,183 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 49,183 square feet. The city-designated market value for the property in 2022 is $10.1 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.

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 Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 5th highest sale turnover among other neighborhoods in the city with $1.7 billion in sales volume in the last two years. For development, Financial District is the 4th most active neighborhood among other neighborhoods. It had 14.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 18 percent of the neighborhood’s built space. There were three pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

There are no active new building construction projects on this tax block.

The majority, or 98 percent of the 395,043 square feet of built space are office buildings, with mixed-use buildings next occupying 2 percent of the space.

The seller

The PincusCo database currently indicates that Cim Group owned at least seven commercial properties with 732 residential units in New York City with 2,631,832 square feet and a city-determined market value of $507 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 57 percent of the 2,631,832 square feet of built space are office properties, with D6 properties next occupying 43 percent of the space. The bulk, or 69 percent of the built space, is in Brooklyn, with Manhattan next at 31 percent of the space.

The buyer

The PincusCo database currently indicates that David Werner Real Estate Investments owned at least six commercial properties with 133 residential units in New York City with 2,061,669 square feet and a city-determined market value of $643.1 million. (Market value is typically about 50% of actual value.) The portfolio has $100 million in debt, borrowed from Northwind Group. Within the portfolio, the bulk, or 94 percent of the 2,061,669 square feet of built space are office properties, with elevator properties next occupying 6 percent of the space. They are all located in Manhattan.

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