A joint venture between Broad Street Development and TPG Angelo Gordon has received US$71 million in construction financing for the development of 139 Franklin Street. This boutique residential building will comprise up to 18 residential units in New York City's Tribeca district. Affiliates of Apollo Global Management provided the construction debt financing, while a JLL Capital Markets team, consisting of Michael Gigliotti and Aaron Niedermayer, brokered the transaction.
Raymond Chalmé, Principal of Broad Street Development, described the new property in a statement as “one of Tribeca’s most distinctive boutique residential offerings”. He emphasised that the building is specifically marketed to luxury buyers in this exclusive Manhattan submarket. Chalmé expressed his appreciation for Apollo’s confidence in their team and JLL’s expertise in brokering the financing, which positions the development for successful completion.
The property at 139 Franklin Street is located near the intersection of Franklin Street, Varick Street, and West Broadway. It is being developed on the site of a former 56,384-square-foot, ten-storey, 74-unit self-storage facility. This location is in the heart of Tribeca, an enclave of lofts and converted luxury apartments on Manhattan's west side, south of Canal Street.
Broad Street Development and TPG Angelo Gordon acquired the former site in 2025 from the Sofia family for US$43.5 million. This is not Broad Street's first luxury or conversion project in Lower Manhattan. Over the past decade, the company has led the construction of 40 Bleecker Street and 215 Sullivan Street, and converted the old Maritime Exchange Building into 326 luxury apartments at 80 Broad Street.
The new condominiums at 139 Franklin Street are expected to feature three- to five-bedroom units with private outdoor space and wellness-oriented amenities, according to JLL. Michael Gigliotti of JLL described Tribeca as one of Manhattan's most desirable residential locations, owing to limited supply and the reputation of existing condominiums. He added: “139 Franklin Street represents a compelling conversion project in Tribeca, where demand for boutique and high-end residences continues to outstrip new supply.”
