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A joint venture between Bulldog Real Estate Partners and Acram Group has purchased 88 University Place, a boutique Beaux-Arts office property with ground-floor retail in Greenwich Village, from CIM Group for $46 million. The asset totals approximately 100,000 square feet of office space and retail and is positioned within one of Manhattan’s more supply-constrained office submarkets.
The transaction represents the first acquisition for Bulldog Real Estate Partners, which was founded in 2025 by partners Rob Goldman and Sam Goldsmith. The firm is using this purchase as an initial platform investment as it looks to build its portfolio in the office sector. Acram Group is partnering with Bulldog on the venture, with both firms jointly acquiring the property.
Newmark acted as both sales advisor and debt advisor on the transaction. On the sales side, co-head of U.S. Capital Markets Adam Spies, executive vice chairman Adam Doneger and managing director Michael Collins represented CIM Group as seller and also sourced the Bulldog and Acram joint venture as buyer. Their mandate covered marketing the asset and negotiating terms on behalf of the seller while facilitating the change of ownership.
Newmark’s Global Debt & Structured Finance team arranged acquisition and business plan financing for the joint venture. Co-president of Global Debt & Structured Finance Jordan Roeschlaub, vice chairman Nick Scribani, senior managing director Max Ralby and associate Ryan Bub secured a $42.5 million loan to support the purchase and planned repositioning of the property. BridgeInvest provided the senior debt for the transaction.
According to Goldsmith, the joint venture targeted 88 University Place as an opportunity to acquire a well-located asset at a cost basis that can accommodate a comprehensive repositioning strategy. He noted that the partnership intends to deliver an updated workplace that better aligns with the changing preferences of today’s office tenants, leveraging the building’s Greenwich Village location and architectural character.
The combination of institutional sales representation, sizable acquisition financing and a new sponsor seeking to reposition an existing office property underscores the continued flow of capital into select Manhattan office assets, particularly in established neighborhoods such as Greenwich Village. The photo associated with the transaction was provided courtesy of JLL.
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