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New York & Tri-State  + Midtown New York  + Finance  | 
Parkview Financial provided a $207-million loan for the acquisition and redevelopment of the Hudson Hotel in Midtown Manhattan

Montgomery Street Launches Ground Lease REIT; Acquires Planned Resi Conversion 

Montgomery Street Partners (MSP) has formed The Ground Lease REIT (GLR), a dedicated vehicle focused on originating and acquiring long-term, unsubordinated ground leases. The newly formed REIT has acquired and simultaneously leased the Hudson Hotel in Manhattan’s Columbus Circle to an undisclosed ground tenant under a 99-year ground lease   

The undisclosed tenant initially entered into contract to purchase the 93-year-old Hudson Hotel. Cain International acted as a strategic adviser on the sale on behalf of an affiliated ownership group. The tenant will redevelop the property into a luxury apartment building. Parkview Financial provided $207 million of leasehold construction financing. 

“With apartment vacancies in New York near zero and rents at unprecedented levels, the developer recognized the highest and best use for the property was residential rental product that would help address the market’s supply-demand imbalance in the Columbus Circle submarket,” said Max Nipon, SVP at MSP. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Lease
  • ◦Sale/Acquisition
  • ◦Financing
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