CIM Group, a Los Angeles-based real estate company founded by two former Israeli paratroopers and a Drexel Burnham Lambert executive, is poised to released plans for New York's tallest residential tower according to a Wall Street Journal report. CIM has partnered with Harry Macklowe on the project, the plans for which reveal a tower in excess of 1,3000 feet tall at 432 Park Avenue with a total price tag of over $1 billion. The WSJ reports that CIM still needs to secure a construction loan worth as much as $700 million, but that Avi Shemesh, one of the founding principals at CIM, is confident they'll get the loan. "We have longstanding relationships with lenders," Mr. Shemesh said. "We anticipate our construction financing to be in place well in advance of any sort of deadline."
Designed by Rafael Vinoly, the new tower includes 128 condominiums with ceilings over 12 feet all, a 5,000 square foot driveway, and residential ammenities like golf training facilities and private dining and screening rooms. The 1,300 foot building will tower over every apartment building in the city by a few hundred feet when complete. The building will sit on the property by the park formerly occupied by the Drake Hotel, which was demolished by Macklowe in 2007.
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