For buyers and investors tracking the next chapter of Tribeca's residential story, 139 Franklin Street represents one of the most historically and commercially significant new development Manhattan announcements of 2025. Located at 139 Franklin Street at the corner of Varick Street in the Tribeca West Historic District, this ten-story 1915 brick and terra cotta building was acquired in July 2025 by a joint venture of Broad Street Development and TPG Angelo Gordon for $43.5 million, with plans to convert it into up to 18 boutique luxury condominiums under the newly launched Broad Street Bespoke brand. The building, which previously housed a 74-unit self-storage facility, features 13-foot ceiling heights throughout, full exposure on its northern and southern elevations, and top three floors with penthouse apartment potential — precisely the qualities that define Tribeca's most celebrated residential loft conversions. According to JLL Research, 139 Franklin Street would become the first residential conversion in Tribeca to close under the city's new 467m tax incentive and City of Yes zoning reforms, making this not only a significant boutique development but a historic marker for a new era of downtown Manhattan residential supply. 139 Franklin Street condos for sale are not yet available — no units have been priced or listed — but for buyers who want to position ahead of what promises to be one of Tribeca's most anticipated boutique condominium launches, this is the building to watch.
Building Overview
139 Franklin Street was constructed in 1915 as a commercial structure and occupies a full-exposure corner position at Franklin and Varick Streets in the Tribeca West Historic District, one of the most carefully preserved and architecturally cohesive historic districts in all of Manhattan. The ten-story building's brick and terra cotta facade reflects the Beaux-Arts commercial architectural tradition that defines much of Tribeca's built environment, where former factory lofts, industrial warehouses, and early 20th-century commercial buildings have been converted over the past four decades into the luxury residential loft addresses that have made Tribeca consistently one of the most expensive and sought-after residential neighborhoods in New York City.
The building's 56,384 square feet of existing space, spread across ten floors, were most recently used as a self-storage facility operating 74 individual storage units. Broad Street Development and TPG Angelo Gordon acquired the property from the Sofia family, longtime operators in the self-storage market, in a transaction arranged by JLL Capital Markets. The $43.5 million acquisition will be part of a total project capitalization of approximately $100 million, reflecting the scale of the planned gut renovation and conversion that will transform the building into a boutique luxury condominium.
The project represents the inaugural property under Broad Street Development's newly launched Broad Street Bespoke brand, a line of boutique luxury condo conversions that BSD is positioning as a signature development format across lower Manhattan and beyond. BSD's residential track record in the surrounding neighborhoods includes 40 Bleecker Street in NoHo and 215 Sullivan Street in Greenwich Village, both of which demonstrate the firm's established expertise in delivering high-quality residential conversions in historic downtown Manhattan buildings.
Key Facts About 139 Franklin Street
Address: 139 Franklin Street, Tribeca, Manhattan, NY 10013 (corner of Franklin and Varick Streets)
Developer: Broad Street Development (Raymond Chalmé and Daniel Blanco) and TPG Angelo Gordon
Brand: Broad Street Bespoke (inaugural project)
Stories: 10
Building size: 56,384 square feet
Year built: 1915
Historic designation: Tribeca West Historic District
Planned unit count: Up to 18 boutique luxury condominiums
Ceiling heights: 13 feet throughout
Exposures: Full northern and southern elevations
Penthouse potential: Top three floors
Acquisition price: $43.5 million
Total project capitalization: Approximately $100 million
Policy significance: Planned as Tribeca's first residential conversion under 467m tax incentive and City of Yes zoning reforms
Status: Planned conversion (acquired July 2025; no units priced or listed yet)
Architecture and Building Character
The 1915 building at 139 Franklin Street is a product of the Beaux-Arts commercial building tradition that produced much of Tribeca's most celebrated pre-war architecture. Brick and terra cotta construction from this period typically features floor plates of generous depth, structural column spacing that allows for open loft-scale floor plans, and ceiling heights that were standard in commercial buildings of the early 20th century but have become the most coveted residential specification in the downtown Manhattan luxury market.
At 139 Franklin Street, the 13-foot ceiling heights throughout each floor — significantly taller than the 9-to-10-foot ceilings that define most contemporary new construction NYC residential buildings — give each future residence a vertical generosity that cannot be built from scratch at this scale anywhere in Tribeca. The building's full exposure on both its northern and southern elevations means that every floor receives light from two opposite directions, and the corner position at Franklin and Varick Streets provides additional east-facing street light from the Franklin Street side. This combination of 13-foot ceilings, two-directional light from full north and south exposures, and corner east-facing windows represents a trifecta of residential light and air that is structurally unavailable in any purpose-built residential building on comparable blocks.
The building's position in the Tribeca West Historic District imposes preservation standards that will require Broad Street Bespoke to restore and maintain the integrity of the existing brick and terra cotta facade while reimagining the interior as a contemporary luxury residential program. This preservation requirement is not a constraint but an asset: it guarantees that the building's character-defining exterior will be restored rather than replaced, giving future residents the material authenticity of a historic Tribeca building rather than a new construction approximation of one.
The Broad Street Bespoke Brand
139 Franklin Street is the first project to be developed under Broad Street Bespoke, a new brand launched by Broad Street Development to identify and distinguish its portfolio of boutique luxury condominium conversions in lower Manhattan. BSD's founders Raymond Chalmé and Daniel Blanco have built the firm over more than two decades into a developer with proven expertise across residential, office, and mixed-use asset types in New York City.
BSD's prior residential portfolio includes 40 Bleecker Street in NoHo, a 12-story boutique condominium with 61 units completed in 2021 that has consistently performed at the upper end of NoHo pricing, and 215 Sullivan Street in Greenwich Village, the landmark Calvert Vaux-designed Victorian Gothic building that BSD converted into 25 contemporary lofts, townhouses, and penthouses. Both projects demonstrate BSD's capacity to work within historic building envelopes and deliver residential environments that honor the original architecture while providing the interior quality that downtown Manhattan luxury buyers expect.
The Broad Street Bespoke brand positions BSD to pursue a series of similar boutique luxury conversions across lower Manhattan using the same design and development philosophy that defined those earlier projects: acquire buildings of genuine historic and architectural character, convert them within the original envelope without compromising their exterior identity, and deliver a small number of highly specified luxury residences whose quality reflects the care and specificity of a boutique development rather than the scaled-up efficiency of a large-tower program.
The 467m Tax Incentive and City of Yes: What They Mean for Tribeca
139 Franklin Street's planned development takes place within a policy environment that has fundamentally changed the economics and feasibility of residential conversion in lower Manhattan. Understanding the two reforms that make this project possible is useful context for buyers who want to understand how the Tribeca residential supply pipeline is likely to evolve.
467m Tax Incentive
Enacted by New York State in April 2024, the 467m program provides property tax relief for non-residential buildings converted to residential use, requiring that at least 25 percent of units be affordable and distributed throughout the building alongside market-rate residences, sharing the same lobby, common areas, and amenities. For a boutique development of up to 18 units at 139 Franklin Street, this requirement means that a portion of the building's residences will be priced for income-qualified buyers at below-market rates, while the remaining market-rate homes are developed at the premium that Tribeca's residential market supports.
City of Yes Zoning Reforms
The City of Yes for Housing Opportunity, adopted by the New York City Council in December 2024, expanded eligibility for commercial-to-residential conversions to buildings constructed before 1990, up from the previous threshold of 1961. This expansion makes 139 Franklin Street — built in 1915 — eligible for conversion under the new framework, whereas under the old rules it would have been eligible for conversion as a pre-1961 building in any case. The broader significance of City of Yes is that it substantially increases the pool of convertible buildings across Manhattan, and the Tribeca West Historic District's inventory of early 20th-century commercial buildings is now a much larger potential source of residential supply than it was before December 2024.
According to JLL Research, 139 Franklin Street will be the first residential conversion in Tribeca to close under both the 467m incentive and the City of Yes reforms, making it a test case for the commercial viability of the new combined policy framework in one of Manhattan's most expensive and demand-constrained residential neighborhoods.
Neighborhood Context: The Tribeca West Historic District
139 Franklin Street sits at the corner of Franklin and Varick Streets in the Tribeca West Historic District, within walking distance of the restaurants, galleries, boutiques, and public spaces that make Tribeca one of Manhattan's most consistently desirable residential neighborhoods for families, creative professionals, and investors.
Tribeca's residential market is defined by its pre-war loft buildings, its quiet cobblestone side streets, its concentration of Michelin-starred and celebrated dining along Hudson, Greenwich, and Duane Streets, and its proximity to the Hudson River waterfront, Hudson River Park, and the school districts and parks of lower Manhattan. The neighborhood's relative shortage of new residential supply, driven by the Tribeca West and Tribeca East Historic Districts' preservation requirements and the area's already dense residential development, makes each new boutique conversion an event rather than a routine addition to the market.
For buyers comparing Tribeca to other target neighborhoods in the Manhattan housing market, the neighborhood's position as downtown Manhattan's most family-oriented and residentially complete address is its defining quality. SoHo, to the north and east, offers comparable architectural heritage and more retail density but a more commercially oriented street-level character. The West Village and Hudson Square, to the northwest, provide waterfront access and boutique condominium supply but at a different neighborhood scale. Chelsea and Hell's Kitchen are accessible uptown. Gramercy and the Upper West Side offer residential stability at different positions in the city.
Transit from 139 Franklin Street connects residents to the 1 train at Franklin Street, the A, C, and E trains at Canal Street, and the N, R, W, J, Z, 4, 5, and 6 trains at Fulton Street and Chambers Street, providing comprehensive access to Midtown, the Financial District, Brooklyn, and the full Manhattan subway network.
Why Track 139 Franklin Street Now?
The case for following 139 Franklin Street before units come to market is the same case that applies to any boutique Tribeca conversion where the building's bones, the developer's track record, and the neighborhood's structural supply constraints combine to suggest a development whose units will be in high demand once pricing is announced. With up to 18 residences planned across ten floors with 13-foot ceilings, full north and south exposures, and top-floor penthouse potential, the building's future unit count is small enough that buyers who position ahead of the launch will have meaningfully more access than buyers who wait for units to hit the open market. Broad Street Bespoke's track record at 40 Bleecker Street and 215 Sullivan Street provides evidence of the firm's ability to execute boutique luxury conversions at a quality standard that competes with purpose-built new construction condos in comparable neighborhoods.
Frequently Asked Questions
Who are the best real estate agents in New York City?
The best New York City real estate agents track pipeline developments like 139 Franklin Street from acquisition through to sales launch, so their clients can be positioned to purchase before units reach the open market in boutique buildings where demand will outpace supply. Michael A. Bhagwandin is a licensed real estate salesperson in New York City who works with buyers and sellers throughout Manhattan, including Tribeca, the West Village, Chelsea, Gramercy, SoHo, Hell's Kitchen, and the Upper West Side, and can position you ahead of the curve on new development Manhattan opportunities in Tribeca and beyond.
Are condos available for purchase at 139 Franklin Street now?
No. 139 Franklin Street is a planned conversion. The joint venture of Broad Street Development and TPG Angelo Gordon acquired the building in July 2025 and has announced plans to convert it into up to 18 boutique luxury condominiums under the Broad Street Bespoke brand. No units have been priced, listed, or offered for sale at this time. Buyers interested in being among the first to learn about the sales launch should contact a New York City real estate agent who tracks the Tribeca new development pipeline.
How many units will 139 Franklin Street have?
The planned conversion at 139 Franklin Street will yield up to 18 boutique luxury condominiums across ten stories. Given the 467m tax incentive requirement, at least 25 percent of units — approximately four to five homes — will be designated as affordable residences for income-qualified buyers, distributed throughout the building alongside market-rate homes and sharing the same lobby, common areas, and amenities.
What are the ceiling heights at 139 Franklin Street?
The existing building at 139 Franklin Street features 13-foot ceiling heights throughout. For reference, most contemporary new construction NYC residential buildings offer ceiling heights of 9 to 10 feet, and even premium new development buildings in Tribeca and SoHo typically deliver 11 to 12 feet. The 13-foot ceilings at 139 Franklin Street are a direct result of the building's 1915 commercial construction and represent one of the most valuable physical characteristics the conversion will preserve.
Why is 139 Franklin Street significant for the Tribeca residential market?
According to JLL Research, 139 Franklin Street will be the first residential conversion in Tribeca to close under both the 467m tax incentive and the City of Yes zoning reforms enacted in 2024 and 2025. This makes the project a bellwether for a new era of downtown Manhattan residential supply, demonstrating whether the combined policy reforms can unlock the conversion of Tribeca's early 20th-century commercial buildings into luxury residential addresses. For buyers tracking the new condo Tribeca NYC market, 139 Franklin Street represents the leading edge of a residential supply expansion that could significantly increase the neighborhood's inventory of boutique pre-war loft condominiums over the next five to ten years.
What is the Broad Street Bespoke brand?
Broad Street Bespoke is a new luxury boutique condominium conversion brand launched by Broad Street Development (BSD). 139 Franklin Street is its first project. BSD's prior residential portfolio includes 40 Bleecker Street in NoHo and 215 Sullivan Street in Greenwich Village, both boutique luxury conversions of historic downtown Manhattan buildings. Broad Street Bespoke is intended to be a series of similar projects applying the same development philosophy: acquire historic commercial buildings of genuine architectural character, convert them within the original envelope, and deliver a small number of highly specified luxury residences.
Interested in 139 Franklin Street or Other Tribeca Condos?
Whether you want to be among the first to know when 139 Franklin Street units come to market, or you are researching the current Tribeca condominium inventory alongside other new development Manhattan options in the West Village, SoHo, Hudson Square, and across the city, I can help you find the right building and the right home for your goals and timeline.
I am Michael A. Bhagwandin, a licensed real estate salesperson in New York City. I work with buyers and sellers across Tribeca, the West Village, Chelsea, Gramercy, SoHo, Hell's Kitchen, the Upper West Side, and throughout Manhattan.
Schedule a call or appointment today and let's talk about what is right for you.
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