CIM Group pays $200m for Manhattan apartments

CIM Group has paid $200 million for the 152-unit Hanley apartments in Manhattan from Crescent Heights, reported The Real Deal.

The firm bought the residential portion of the luxury 20-story tower at 165 East 66th St.

Manhattan home sales had its worst first quarter since the financial crisis, capping the longest losing streak for sales in over 30 years, according to a report from Douglas Elliman and Miller Samuel. Total sales fell 3 percent in the first quarter, which marked the sixth straight quarter of declines.

The average sales price for an apartment in Manhattan rose nearly 10 percent to $2,118,780 in the first quarter from a year earlier. While the average sale price got a big boost from hedge fund billionaire