99 Hudson is a 35,000 SF penthouse office condominium located at the southwest intersection of Hudson and Franklin Streets in the heart of TriBeCa, NYC. The Property consists of the top three floors of the building and features 13’ ceilings, unobstructed views (North, East, West) and highly efficient floor plates. Furthermore, the Property is located in the highly supply-constrained TriBeCa neighborhood.
JMC acquired the fee simple interest in the Property in October 2012. JMC structured a sale-leaseback to the seller for nine months before it recaptured the space in order to complete a gut renovation and implement a leasing program. Given the Property’s unique physical attributes and its location in one of the most coveted and supply constrained neighborhoods in NYC, JMC believed it could lease the Property to an attractive stabilized yield.