According to JMC Holdings LLC, the company completed the $18.5 million acquisition of a 34,722 s/f office penthouse at 99 Hudson St., which spans three contiguous floors and features a private-access roof deck at the commercial office condominium located between Franklin and Harrison Sts. in TriBeCa. JMC purchased the loft-style space from the NAACP Legal Defense Fund, which occupied the property since 1984 and is vacating in six to nine months. JMC will be investing up to $4 million worth of capital improvements at 99 Hudson St. and retained Paul Amrich, vice chairman at CBRE, as the exclusive leasing agent.
JMC, a real estate investment company led by Matt Cassin and David Taylor, represented itself in the transaction, while the NAACP Legal Defense Fund was represented by Janet Woods, executive VP at Jones Lange LaSalle (JLL). The terms of the deal include a sale lease back date for six to 12 months.
"99 Hudson St. gives JMC Holdings the chance to transform a remarkable property that's been off the market for nearly 30 years into a modern office environment with an open design scheme and up-to-date capabilities. In addition, we took the opportunity to re-deliver a property to a supply-constrained neighborhood that is ripe for new office tenants," said Cassin, founder of JMC. "JMC Holdings did a recent search for 30,000 s/f of contiguous and available -office space in Hudson Sq., the Village, SoHo and TriBeCa and found only five potential options, all of which could not be compared to the class of loft-style office space that 99 Hudson St. embodies."
"99 Hudson St. benefits from how tight the Midtown South marketplace has become," said Amrich. "A penthouse office property like 99 Hudson St. has the ability to compete with premiere office space demanding higher rents in the neighboring Midtown South submarket because it offers sought-after amenities by technology, entertainment, fashion and financial service firms alike, such as an exclusive roof deck, 360-degree-views and rare, boutique-size floor plates that could suit an endless amount of configuration,
The top three floors at 99 Hudson St. feature efficient floor plates, 12.5 to 13-ft. ceiling heights and unobstructed Hudson River-views to the north, east and west. JMC's $4 million capital improvement plan for the top three contiguous floors includes gut renovating the existing loft-style space to create an open floor plan. JMC will also build out the existing 7,500 s/f roof deck with internal stairs and ADA access, in addition to upgrading the bathrooms and the perimeter heat and HVAC systems.
The 16-story, 189,389 s/f property, located within the heart of TriBeCa, was developed in 1930 and is known historically as the Maltz-Franklin Building. Renovations were completed in 2009 to the roof deck, elevator banks, boiler system and lobby common area. The lobby at 99 Hudson St. features double-height ceilings, 24/7 doorman security and access to Tamrind Restaurant is located on the ground-floor of the building. Subway lines 1/2/3 and the A/C and E are located within blocks of the property, while the Holland Tunnel and West Side Highway can be easily reached within minutes.
About JMC Holdings LLC
Founded in July 2010 and led by two entrepreneurs with deep real estate and business management experience, JMC Holdings LLC ("JMC Holdings") is an entrepreneurial real estate company focused on value creation opportunities in dense urban markets on the eastern seaboard of the United States, with a primary focus on New York City. JMC Holdings approaches each asset class (residential, office and retail) as a unique business. JMC Holdings has acquired approximately $60 million worth of commercial real estate property in Manhattan since its inception. Tags: