NYC Office Building Lands $40M Refi

February 24, 2026

Finance New York News Northeast More Office

Olshan Properties purchased the property in 1983 and converted it for office use.

Olshan Properties has received a $40 million refinancing package for 99 Hudson St., one of its office properties in New York City’s Tribeca neighborhood. JLL Capital Markets arranged the deal, representing Olshan in the transaction.

The 183,958-square-foot property was built in 1920 and was originally meant for industrial use. Olshan purchased the building in 1983 and converted it for office and retail use. According to Yardi Matrix, the owner completed a renovation in 2008, followed by cosmetic upgrades in 2012. Renovation work included the lobby, elevators, electric and mechanical systems, as well as the sidewalks.

Connecticut General Life Insurance provided the $40 million financing note, Commercial Observer reported. The Class B office space has floorplates of 12,159 square feet set up as open-plan loft suites. The property also includes 11,000 square feet of retail, according to Yardi Matrix. The 17-story building is 97 percent leased.

The current tenant roster includes HR&A Advisors, ODA and Cormac McEnery Law Firm among other tenants, Yardi Matrix shows. Most recently, Daily Harvest extended its lease at the building to 12,159 square feet, taking the entire 10th floor. Additionally, Chobani leased 21,103 square feet, occupying the whole 14th floor and part of the 15th floor.

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99 Hudson St. sits at the intersection of Hudson and Franklin streets in Tribeca. Transit options including the Franklin Street, Chambers Street and Canal Street subway stations as well as multiple bus stops, are within walking distance of the asset. Also close by are Jenga Tower, Washington Market Park and Pier 25.

JLL’s Senior Managing Director Steven Klein led the team representing Olshan Properties in the transaction.

Big NYC refinancing transactions

The New York City metro continues to be one of the leaders in return-to-office numbers, having strong market fundamentals. JLL reported that 32 million square feet of leasing activity was recorded in 2025. Available office space over the course of the year dropped from 16.9 percent to 13.9 percent, with less available space than in 2019.

Office debt restructuring also continues in the market. In January 2025, Vornado Realty Trust refinanced One Park Avenue for $525 million. Wells Fargo, Morgan Stanley Bank, Goldman Sachs and PNC Bank originated the note for the 944,571-square-foot office building.

Last December, Savanna received a $510 million loan for 5 Bryant Park, its 680,000-square-foot, 34-story office property. The new loan from King Street Capital Management and Blue Owl retires the previous $462 million CMBS loan.