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**BSD and TPG Angelo Gordon to Redevelop Tribeca Property into Luxury Condominiums**
A joint venture between Broad Street Development (BSD) and TPG Angelo Gordon has acquired 139 Franklin Street in Manhattan’s Tribeca neighborhood. The 10-story, 56,384-square-foot building, formerly a self-storage facility, will be transformed into a boutique luxury residential condominium. The redevelopment will utilize the existing structure, maintaining its original building envelope.
The property was sold for $43.5 million by the Sofia family, represented by JLL Capital Markets. The JLL team included Brendan Maddigan, Andrew Scandalios, Ethan Stanton, Hall Oster, Michael Mazzara, and Vickram Jambu. According to JLL Research, this is the first residential conversion in Tribeca since the rollout of the city’s new 467m tax incentive and zoning reforms under the “City of Yes for Housing” initiative.
“The acquisition of 139 Franklin Street—the first of many projects in our development pipeline—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. This project will also mark the debut of BSD’s new luxury-oriented brand, Broad Street Bespoke.
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