Prime Multi-Family Asset, Built 25' x 95'
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 Asset: Sophistication Meets Scale
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.
Market Context: Investing Now
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)
This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. ©2026 The Real Estate Board of New York, Inc., All rights reserved. RLS Data display by Geoffrey Gottlieb.
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