Property Overview: 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.
Investment Overview: Acram Group acquired the fee simple interest in the Property in October 2012. Acram 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, Acram Group successfully leased the Property to an attractive stabilized yield with excellent credit tenancy. Subsequent to stabilization, the Acram Group sold the property in less than three years for over $1,000/RSF.
Address:
99 Hudson Street
Tribeca, NY
Property:
35,000 sf office condominium
Acquisition Date:
October 2012
Sale Date:
June 2015
Strategy:
Opportunistic
Status:
Realized
