Slate Property Group and Avenue Realty Capital have partnered to acquire 81 Franklin Street, a six-story residential building in Tribeca, Manhattan. The $30 million transaction adds 32,700 square feet to the firms’ growing New York City portfolios. The property is located between Broadway and Church Street.
Originally constructed as a commercial building, 81 Franklin was converted to residential use in 2013. It now contains 11 loft-style units with one- to four-bedroom layouts. Each includes direct elevator access, oversized windows, and central air conditioning. The building also includes a 2,500-square-foot ground-floor retail unit currently occupied by Allied Maker.
81 Franklin Street, via Google Maps.
81 Franklin Street is located within the Tribeca East Historic District and features a cast iron façade. This acquisition marks another collaboration between Slate and Avenue, which have partnered on developments including The Welz at 159 Boreum and Dutch House in Long Island City. The closest subway from the site is the 1 train at the Franklin Street station to the west.
“Tribeca continues to be one of the most resilient and supply-constrained residential markets in New York City, with sustained demand from families and professionals who value its character, amenities, and quality of life,” said Udi Kore, managing principal at Avenue Realty Capital. “The acquisition of 81 Franklin fits squarely within Avenue’s strategy of investing in high-quality, well-located multifamily assets in prime neighborhoods with strong long-term fundamentals.”
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
Be the first to comment on "81 Franklin Street Sells For $30 Million In Tribeca, Manhattan"