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Has anyone heard anything about this new development? Two commercial buildings facing Broadway, between White and Franklin are being demolished and combined to make one luxury condo bldg.
Btw, it's located in Tribeca.
strictly for ballers
No floorplans or pricing yet. Marketed by Corcoran. Assume these guys will try around $2k/sq foot (just like the new one over on Prince and Elizabeth - 211 Elizabeth) as if nothing has happened in the past 8 months. Unreal. As for this place in Tribeca it certainly has the potential of being very nice. Definitely look forward to seeing the floorplans. Hey it may all sell out - look at the new development at 15 Union Square West. They are getting those units out the door.
So it appears the entrance will be on Franklin Place, which is basically a cobble-stoned alley. Very clever not to have a Broadway address to fetch top dollars. I can see the construction site from my apt window and I can't image how much the lower floors that looks onto Franklin Place units will go for. They will have view of brickwalls and very little natural lighting, if any. And currently, that alley is used by the commercial businesses for loading/unloading and the Franklin Place entrance is always blocked by them from White Street entrance. It'll be interesting to monitor how quickly this building will sell out.
The whole alley thing is a great gimmick, but Broadway and Franklin is really Chinatown south. The street is filthy and filled with crap stores and vendors who couldn't fit on canal. Yuck.
the eastern edge of tribeca seems to be where all the development is happening. franklin place, the law school, four seasons, two projects on reade, one on walker... time will tell but i'd guess that by the time any of these buildings are finished those cheap stores along broadway and church will be long gone... it was bound to happen... is franklin and broadway any less tribeca than warren and west side highway or greenwich and canal?
Per The Real Deal: April 2nd
"Corcoran Sunshine and Five Franklin Place in latest legal standoff over struggling condo"
"The Corcoran Sunshine Marketing Group has filed a lawsuit in New York State Supreme Court alleging that the developer of Tribeca's Five Franklin Place condo owes the brokerage more than $500,000. "
"In the summons addressed to the developer, Corcoran said it terminated its exclusive sales agreement with Franklin Place last October, after the developer of the unfinished condo failed to pay more than $100,000 in marketing expenses. Corcoran argued that based on its initial agreement with the developer, it was entitled to a $500,000 termination fee if it ended its sales agreement with Franklin Place."
Can't find anything about this building written in the last 6 months.
Anyone have a status?
Anyone that walks by this building, is it up?
Here's your answer, per TRD, 11/19/10
The first mortgage on a stalled condominium project at Five Franklin Place in TriBeCa will be auctioned off on Nov. 29, Procida Advisors, the real estate turnaround firm conducting the auction, announced Friday.
The $40 million mortgage on Five Franklin Place will be sold to the highest bidder. There is no pre-set starting bid. The site, located at 369-371 Broadway, is being pegged as one of the last development sites in the TriBeCa area. Procida was retained by the lender, an undisclosed hedge fund, in January to auction the site, which was supposed to be developed by Sleepy Hudson LLC into a 20-story luxury condo with 55 units. The building's architect was well-known Dutchman Ben van Berkel of UN Studio.
“We're getting good offers. I couldn't have delivered it more teed-up for someone,” said Bill Procida, president of Procida Advisors, who admits nonetheless that the mortgage will likely be sold at a discounted price.
According to Mr. Procida, foundation work and two stories of concrete of the site are already complete. Plans and permits are now in place for a 17-story 130,000-square-foot residential building with ground floor retail. Procida also offered an alternate, more cost-efficient design by architecture firm Montroy Andersen DeMarco for the project.
“The original design was ambitious and for the go-go years of real estate,” said Mr. Procida, noting that the winning bidder has three options—proceeding with the original plans, selecting Procida's plans or going with their own.
Bids on the property are due Dec. 13.
This development looks awesome. On the West side of Broadway (huge plus). The entire area is going through a residential boom.