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BSD, TPG Angelo Gordon Partner on Tribeca Residential Redevelopment
A partnership of Broad Street Development (BSD) and TPG Angelo Gordon has acquired 139 Franklin St., a 10-story, 56,384-square-foot self-storage facility located in Tribeca. The venture will redevelop 139 Franklin into a boutique, luxury residential condominium within the original building envelope.
JLL Capital Markets’ Brendan Maddigan, Andrew Scandalios, Ethan Stanton, Hall Oster, Michael Mazzara and Vickram Jambu represented the Sofia family in the $43.5-milion sale to BSD and TPG Angelo Gordon. According to JLL Research, 139 Franklin will be the first residential conversion in Tribeca since the city introduced its new 467m tax incentive along with zoning reforms under its City of Yes for Housing plan.
“The acquisition of 139 Franklin St. – the first of many projects in our pipeline that BSD plans to undertake – provides us with the perfect canvas to create one of the best residential properties in this historic Tribeca neighborhood,” said Raymond Chalmé, principal and CEO of BSD. The project will be the first under BSD’s new Broad Street Bespoke brand.
- ◦Sale/Acquisition
- ◦Development
