A joint venture of Broad Street Development and TPG Angelo Gordon has acquired 139 Franklin Street, a ten-story commercial structure in Tribeca, Manhattan, with the intention of converting it into a residential building. The 56,384-square-foot structure is currently occupied by a 74-unit self storage facility. The property is located at the corner of Franklin and Varick Streets.
The developers purchased the property for $43.5 million from the Sofia family, longtime operators in the self-storage market, in a deal arranged by JLL Capital Markets.
Constructed in 1915, 139 Franklin Street features full exposure on its northern and southern elevations, and its top three floors are noted for their potential as penthouse apartments. According to JLL Research, the project would become the first residential conversion in Tribeca following the city’s introduction of the 467m tax incentive and City of Yes zoning reforms.
139 Franklin Street, via Google Maps
The development site is located directly adjacent to the Franklin Street station, served by the 1 train.
“We are thrilled to close our acquisition of 139 Franklin St.,” said Daniel Blanco, COO and principal of Broad Street Development. “We believe this asset represents a standout residential conversion opportunity, and we’re looking forward to seeing our vision for its future come to life.”
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The parapet seems like part went missing, but that apparently is not the case.
are they also doing recladding? rendering looks 1000 times better than what it is now
That is not a rendering. It is the existing building. lol
Interesting building. What’s the nice bldg. pictured to it’s left?
you mean the jenga-looking glass bldg? If so it’s 56 Leonard
Hi please send me info on your studio apartments Thank You