Asking
$24,500,000
BTC
339.241
ETH
10,994.44
Beds
15
Baths
15
Home Size
11,891 sq. ft.
Year Built
1915
Prime Multi-Family Asset
Seldom does an opportunity materialize to acquire a core multi-family asset on Franklin Street, a coveted block in Manhattan's premier enclave: Tribeca. Virtually non-existent in the current market, this property represents the epitome of safe-haven real estate. It's a product type that remains in demand by global investors, private wealth offices, and institutional funds.
Comprising four expansive, full-floor, loft-style 3-bedroom residences, plus a first floor duplex with its own outdoor space, this 100% leased building combines historical Tribeca pedigree with contemporary features.
The building has undergone a comprehensive capital improvement program, de-risking the investment for the next cycle.
With exceedingly tight rental inventory and an arduous process to bring new development concepts to market, existing core assets like this have become the primary target for well-capitalized investors.
Financials and Setup:
Seldom does an opportunity materialize to acquire a core multi-family asset on Franklin Street, a coveted block in Manhattan's premier enclave: Tribeca. Virtually non-existent in the current market, this property represents the epitome of safe-haven real estate. It's a product type that remains in demand by global investors, private wealth offices, and institutional funds.
Comprising four expansive, full-floor, loft-style 3-bedroom residences, plus a first floor duplex with its own outdoor space, this 100% leased building combines historical Tribeca pedigree with contemporary features.
- On a prime Tribeca block, this asset sits at the intersection of global wealth and cultural influence.
- Record-Breaking Fundamentals: Q1 and Q2 2026 have recorded the highest median Manhattan rent in history. The market is currently experiencing a significant supply-demand imbalance, favoring owners of high-end inventory.
- 3-Bedroom Alpha: While the broader market is climbing, the 3-bedroom sector has outperformed, accelerating 24% year-over-year, significantly outpacing gains for smaller units.
- Immediate Yield Expansion: Three of the five active leases are scheduled to reset across consecutive months this summer. This provides a near-term path to capturing significant additional income and a substantially more attractive cap rate.
- Seamless Transition: Current ownership has established a reporting structure and process that will ensure a frictionless handoff for the incoming investor.
The building has undergone a comprehensive capital improvement program, de-risking the investment for the next cycle.
- Mechanical Excellence: High-efficiency hot water heaters and significant elevator infrastructure upgrades.
- Aesthetic Refresh: A newly renovated lobby and entryway provide a "high-profile" arrival experience consistent with the neighborhood's luxury standards.
- Lifestyle Amenities: A gorgeous furnished roof deck offers residents expansive outdoor space, a critical driver for premium rents in the current market.
- The Residences: Units 2, 3, 4, and PH are full-floor layouts. Each features a 3-bedroom gourmet kitchen and open plan concept designed specifically for the tenant profile that Tribeca attracts.
With exceedingly tight rental inventory and an arduous process to bring new development concepts to market, existing core assets like this have become the primary target for well-capitalized investors.
Financials and Setup:
- Occupancy: 100%
- Unit Mix: Four (4) Full Floor 3-BR/3Bath Units, plus One (1) First Floor Duplex with private outdoor space
- Lease Reset: Summer 2026 (3 units in consecutive months)
- Neighborhood: Tribeca (Franklin Street)
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