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William Beaver House's Bailout Was Actually a Non-Hostile Takeover

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Yesterday's report of the CIM Group sinking some cash into the William Beaver House's debts didn't tell the full story, the Post's Lois Weiss writes. The company now owns the place. Well, it owns the 209 unsold units in the sexxxy Financial District condo tower, after paying down the $60 million loan from iStar and buying out the disputed loan the building received from Blackstone. After a friendly foreclosure with the Sapir Organization?let's hope those documents were double-checked?CIM is now the Beav's boss. We're guessing they didn't just buy the gold-flecked giant to throw a raging Christmas party, so we'll be on the lookout for price cuts and other maneuvers.

Weiss also reports that the total shitshow that is Park Avenue's former Drake Hotel site is also mixed up in the CIM Group's business (as a partner with deverloper Harry Macklowe), and there's progress there, too. Watchmaker Franck Muller, who's been holding out in one of the historic East 57th Street townhouses that Macklowe wants to demolish to assemble a big development plot, will be out after the holidays. A new glass box cometh?
· Between the Bricks [NYP]

William Beaver House

15 William Street, New York, NY 10005