CIM Group sold its 150-unit luxury rental building, The Henley at 165 East 66th Street on the Upper East Side, to Ofer Yardeni’s Stonehenge for $128 million, a 36% discount from its 2019 purchase price of $200 million. Acore Capital financed the deal, influenced by high interest rates and the need for higher cap rates in multifamily investments. Originally bought by CIM from Crescent Heights, who converted it into condos, the building includes residential, retail, and possibly garage spaces. Stonehenge has been expanding in the area, while CIM shifts its focus to downtown properties.
CIM Group
