White Plains Apartment Community Sells for $64.3 Million
CIM Group makes first Westchester County investment with acquisition of 134-unit 51 South
CIM Group has acquired 51 South, a recently completed 134-unit apartment community in downtown White Plains, in partnership with Hulic Co., Ltd. The property reportedly sold for $64.3 million.
Located at 51 S. Broadway, the eight-story multifamily property was completed in 2025 and includes studio, one- and two-bedroom residences. The development features more than 20,000 square feet of amenities, including coworking areas, indoor and outdoor lounges and recreational spaces.
The acquisition represents CIM Group’s first investment in Westchester County and expands the company’s existing presence in the New York metropolitan area.
“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 of CIM Group. Kuba cited the area’s strong market fundamentals, connectivity to New York City and continued demand for quality housing as factors supporting the investment.
CIM Group has been active in the New York metropolitan area for more than 15 years, with approximately $4 billion in equity investments across projects representing more than $10 billion in total project value since 2010.
The 51 South transaction comes amid significant residential development activity in White Plains. According to city information, nearly 1,900 dwelling units were completed in White Plains during the past year, including 51 South, Hamilton Green, Gateway II and other major developments.
Located near the White Plains Metro-North station and Interstate 287, 51 South also provides access to the city’s employment, retail, dining and entertainment districts.
The acquisition underscores continued institutional investment interest in Westchester’s multifamily market and the ongoing transformation of downtown White Plains into a more densely developed, mixed-use residential and business center.
