Description
Prime Multi-Family Asset
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
- Seamless Transition: Current ownership has established a reporting structure and process that will ensure a frictionless handoff for the incoming investor.
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.
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)
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Property Details
- Multi Family
Amenities
- Cooling: Central Air
- Pets: Building Yes, No
- Private Outdoor Space Over60 Sqft
- Smoke Free
- View: Other
- Washer Dryer Allowed
The Neighborhood
Originally known as the “Triangle Below Canal,” Tribeca is the chicest and most affluent neighborhood in Manhattan.
While the area is neither flashy nor quaint, it has all the amenities that make life comfortable: well-maintained parks, notable restaurants, family friendly venues, quiet streets, luxurious spas and more. The 19th century mercantile architecture that dominates the neighborhood is both austerely beautiful and uniquely well suited to the luxurious, massive lofts favored by its inhabitants. The cobblestone streets are wide, ... read more
