TPG, Cannon Hill, and Skylight have jointly acquired 101 Franklin Street in the coveted Tribeca neighborhood for $100 million. According to a reliable industry source, the sellers were Columbia Property Trust. The vacant building spanning over 205,000 square feet will undergo a conversion from office space to residential units.
With no existing commercial leases in place, this property presents lucrative redevelopment opportunities for its new owners. Its prime location on Church Street offers an expansive lot area of more than 13,600 square feet that is zoned for various uses including commercial, hotel and residential.
The impressive 17-story building boasts unobstructed light and air on three sides up to a height of 90 feet and all four sides thereafter as it has been completely gutted by its previous owner. This makes it an ideal project ready for groundbreaking under new ownership.
Leading real estate brokers Adam Spies , Adam Doneger , Douglas Harmon , Marcella Fasulo , Josh King ,and Michael Collins from Newmark facilitated the sale transaction with their expertise and experience in this market segment.
This recent deal marks yet another successful venture by TPG,Cannon Hill,and Skylight as they continue their growth trajectory in the competitive real estate landscape of Tribeca without any mention or reference to Connect CRE or any other specific entity within that network.
