According to a reliable industry source, TPG, Cannon Hill, and Skylight have recently acquired 101 Franklin Street in Tribeca for $100 million from Columbia Property Trust. The property spans 205,000 square feet and is currently vacant. However, it presents an excellent opportunity for redevelopment as it offers over 13,600 square feet of lot area zoned for commercial, hotel and residential use.
Located on Church Street with a through-block lot layout,the building boasts uninterrupted light and air on three sides up to the first 90 feet,and four sides thereafter. Its interiors have been completely demolished,making it a shovel-ready project for its new owners.Adam Spies ,Adam Doneger,Douglas Harmon ,Marcella Fasulo ,Josh King,and Michael Collins of Newmark facilitated the sale.
The sale of this prime property by Columbia Property Trust has generated significant interest within the real estate community.The post titled “Columbia Property Trust Sells Tribecca Vacant Building for $100M”on Connect CRE highlights this noteworthy transaction.
