Olshan Properties pays $13M to AEW Capital for office condo in Tribeca

Olshan Properties through the entity 99 Hudson 15-17, LLC paid $13 million to AEW Capital Management through the entity 99 Hudson LLC for the office condo at 93 Hudson Street in Tribeca, Manhattan. The expected use is cash flowing.
The deal closed on September 24, 2025 and was recorded on September 26, 2025. The property has 24,193 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $537 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 seller bought the property on June 26, 2015, for $48 million. The signatory for AEW Capital Management was Mark Morrison. The signatory for Olshan Properties was Zachary Bornstein . The contract date was September 24, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Olshan Properties had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller AEW Capital Management had not purchased any other properties and sold one property in one transaction for a total of $320.2 million over the same time period.

The property

The office condo in Tribeca has 24,193 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 24,193 square feet. The city-designated market value for the property in 2022 is $14.7 million.

Violations and lawsuits

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

Development

For the tax lot building, it received its initial certificate of occupancy on June 10, 2015. 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 1.6 times the average sales volume among other neighborhoods with $472.8 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 15th highest in Manhattan. It had 2.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 16 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 this tax block, 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 seller

The PincusCo database currently indicates that Aew Capital Management owned at least two commercial properties in New York City with 202,980 square feet and a city-determined market value of $48.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 56 percent of the 202,980 square feet of built space are hotel properties, with office properties next occupying 44 percent of the space. They are all located in Manhattan.

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.

Direct link to Acris document. link