Olshan acquires additional 50% stake in Tribeca office assets for $25M from Gould, Marshall Rose families

Olshan Properties through the entity Olshan Family 2016 Gst Exempt Trust acquired a 50 percent interest valued at $25 million in three office condominium units at 99 Hudson Street in Tribeca, Manhattan. The sellers were members of the Gould family and members of the family of the late real estate investor Marshall Rose. Olshan Properties already managed and owns units in the property before this sale.

The building is divided into six commercial condominiums. The three units in this transaction include unit 1, which is about 95,000 square feet, and composes most of the building. The other two units in the transaction are each about 5,000 square feet. The other three units in the building are about 24,000 square feet, 2,000 square feet and 1,400 square feet.
The deal closed on December 15, 2025 and was recorded on December 26, 2025. The three properties have 101,474 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $492 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The sellers include executives of Gould Investors, as well as members of the family of the late real estate investor and co-founder of Georgetown Company, Marshall Rose.

Fredric Gould bought the building in 1981 and Morton Olshan became involved by 1984.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Olshan Properties purchased one property in one transaction for a total of $13 million and has no record it sold any properties over the past 24 months.
The seller Matthew J. Gould had not purchased any other properties and had not sold any properties over the same time period.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the three buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Tribeca, The bulk, or 47 percent of the 15.3 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has 1.5 times the average sales volume among other neighborhoods with $442.2 million in sales volume in the last two years and is the 22nd highest in Manhattan. For development, Tribeca has 1.7 times the average amount of major developments relative to other neighborhoods and is the 16th highest in Manhattan. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 17 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On the tax block of 93 Hudson Street, PincusCo has identified the owners of two of the 12 commercial properties representing 24,400 square feet of the 114,416 square feet. The two identified owners are 177 Franklin Street and Bahram Benaresh.
There are no active new building construction projects on this tax block.

The majority, or 42 percent of the 114,416 square feet of built space are office buildings, with mixed-use buildings next occupying 35 percent of the space.

The buyer

The PincusCo database currently indicates that Olshan Properties owned at least 14 commercial properties with 1,046 residential units in New York City with 863,793 square feet and a city-determined market value of $124.8 million. (Market value is typically about 50% of actual value.) The portfolio has $427 million in debt, with top three lenders as Wells Fargo, JPMorgan Chase, and NYC Housing Development Corporation respectively. Within the portfolio, the bulk, or 98 percent of the 863,793 square feet of built space are elevator properties, with walkup properties next occupying 2 percent of the space. The bulk, or 54 percent of the built space, is in Manhattan, with Bronx next at 17 percent of the space.

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