Olshan Properties signs $40M refi with CIGNA Group for office in Tribeca

Olshan Properties through the entity 99 Hudson 15-17, LLC as borrower signed a refi loan with lender CIGNA Group through the entity Connecticut General Life Insurance valued at $40 million for five of the six office condominium units that comprise 99 Hudson Street in Tribeca, Manhattan.
The deal closed on January 22, 2026 and was recorded on January 29, 2026. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $42 million.The five properties have 131,523 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $304 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 signatory for Olshan Properties was Zachary Bornstein . The signatory for CIGNA Group was Jeffrey Keenan. The sixth office unit, 12B, is owned by a nonprofit.

The property

The office condo in Tribeca has 131,523 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 94,361 square feet. The city-designated market value for the property in 2022 is $31.2 million.

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.

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 $504.6 million in sales volume in the last two years and is the 21st 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 99 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 borrower

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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