Broad Street Development and TPG Angelo Gordon Unveil Luxury Condo Project in Tribeca

Overview of the Project

Broad Street Development (BSD), a New York-based real estate firm, in collaboration with TPG Angelo Gordon, has successfully acquired the historic property located at 139 Franklin Street in Tribeca. This vacant 10-story building, originally erected in 1915, is set to undergo a significant transformation into luxury residential condominiums. The goal of this redevelopment is to maintain the architectural integrity of the original structure while enhancing its value and functionality.

Historical Context and Renovation Plans

The structure now known as 139 Franklin Street is a significant example of early 20th-century architecture. Its historical essence is encapsulated within its original brick and terra cotta facade, featuring impressive 13-foot ceilings that allow for vast, airy interiors filled with natural light. The redevelopment will ensure that the building's historic charm will be preserved, yet it will be equipped with modern amenities that today's buyers demand.

Raymond Chalmé, a representative from BSD, expressed enthusiasm about the project, stating that it would serve as a creative canvas. The firm is focusing on replicating its success as seen with previous condominium projects like 40 Bleecker Street and 215 Sullivan Street, aiming to craft one of the finest residential properties in the Tribeca neighborhood.

Strategic Vision for Future Developments

The redevelopment of 139 Franklin Street marks the beginning of a series of projects under the Broad Street Bespoke brand. According to Daniel Blanco from BSD, the property is a 'diamond in the rough' that has suffered from neglect over the years. However, it is poised for revitalization, embodying the luxurious yet contemporary homes that today’s market is craving.

Through an attentive restoration approach, the builders aim to enhance the building’s historical features while simultaneously crafting modern living spaces that cater to a high-end clientele. This strategic focus on luxury and historical integrity is anticipated to set a benchmark for future developments in the area.

Tribeca: A Desirable Neighborhood

Tribeca has long been regarded as one of New York City’s most upscale and sought-after locations. Famous for its cobblestone streets and historic buildings, the neighborhood boasts a culture that thrives on artistic expression and lavish living. The partnership between BSD and TPG Angelo Gordon capitalizes on this unique real estate market, as they prepare to deliver upscale residential options that respect the local architecture and environment.

Doug Profenius from TPG Angelo Gordon also noted the significance of maintaining the character of Tribeca through thoughtful redevelopment. This emphasis on respecting the neighborhood’s architectural integrity is a hallmark of their strategy, one they believe will resonate well with both potential buyers and the community.

BSD’s Accomplishments

With over 20 years of experience, Broad Street Development has cultivated a strong portfolio of properties throughout New York City. Their expertise in repositioning a range of real estate assets has proven successful across various market conditions, evidenced by properties like 298 Mulberry Street and 80 Broad Street. The firm has distinguished itself by offering high-quality developments in prestigious areas, focusing on operational excellence and return on investment.

Brendan Madigan and Andrew Scandalios from JLL facilitated the sale of 139 Franklin Street, demonstrating the continuing demand for properties in New York’s vibrant real estate market.

Conclusion

The acquisition and planned redevelopment of 139 Franklin Street is not just another project for Broad Street Development and TPG Angelo Gordon; it signifies a commitment to enhancing the fabric of Tribeca through luxury living while honoring its rich historical context. As the project progresses, it will undoubtedly attract attention from potential homeowners seeking a unique blend of history and modern luxury in one of the city’s most coveted neighborhoods.