CIM Group announced the acquisition of 51 South, a 134-unit apartment community in White Plains, New York, in partnership with Hulic Co., Ltd. Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer and Eric Greenberg of CBRE Institutional Properties arranged the $64.3 million deal.
51 South is an eight-story building located at 51 South Broadway in the heart of White Plains. Completed in 2025, the community offers contemporary studio, one- and two-bedroom residences with access to more than 20,000 square feet of best-in-market amenities, including coworking space, indoor and outdoor lounges, and a variety of sports and recreational activities.
The acquisition of 51 South further expands CIM Group’s New York portfolio and reflects the company’s conviction in the market. CIM has been an active owner, operator, lender, and developer in the New York metropolitan area for more than 15 years, with approximately $4 billion of equity investment across projects representing over $10 billion in total project value since 2010.
“We are pleased to add 51 South to our New York portfolio and make our first investment in Westchester County,” said Shaul Kuba, co-founder and principal, CIM Group. “We believe the market benefits from strong fundamentals, connectivity to New York City, and continued demand for quality housing. We look forward to expanding our presence in Westchester and pursuing additional opportunities across the region.”
51 South benefits from a 12-year tax PILOT and features designer in-unit finishes with over 20,000 sq. ft. of amenities including multiple indoor and outdoor tenant lounges, a resort-style pool with cabanas, a fitness center with spin and yoga studio, HD multi-sport simulator, billiards and shuffleboard and co-working areas.
“RMS Companies did a fantastic job developing 51 South and we are thrilled to have represented the seller in the disposition of this boutique property,” said Dunne.
