Broad Street Development and TPG Angelo Gordon complete acquisition of 139 Franklin St. with plans to convert to condominiums

Manhattan, NY Broad Street Development (BSD), a privately held, New York-based real estate developer, investor and operator, in partnership with TPG Angelo Gordon, a diversified credit and real estate investing platform within TPG Inc. have completed the acquisition of 139 Franklin St., a vacant 10-story, historic building located in Tribeca. The venture will redevelop 139 Franklin into a boutique, luxury residential condominium within the original building envelope, maintaining and respecting its context in the neighborhood.

Built at the turn of the 20^th century in 1915, 139 Franklin St. is a historic brick and terra cotta building located in the Tribeca West Historic District. The property has ceiling heights of 13 ft., creating airy spaces filled with natural light. BSD will restore the architectural gem to its former glory in a contextual but contemporary manner. 

139 Frankin St. will be the first in a series of new residential properties BSD will redevelop under the Broad St. Bespoke brand. “This property has great bones and has endured more than a century of neglect – a real diamond in the rough, that needs to shine again,” said Daniel Blanco of BSD. “We are seizing this opportunity to create homes the market craves – luxurious, ultra-modern, spacious residences within lovingly restored historic envelopes – and expand our ‘Bespoke’ approach and brand.”

Brendan Madigan and Andrew Scandalios of JLL arranged the sale of 139 Franklin St.

“The acquisition of 139 Franklin St. - the first of many projects in our pipeline that BSD plans to undertake - provides us with the perfect canvas to create one of the best residential properties in this historic Tribeca neighborhood,” said Raymond Chalmé of BSD. “Through our hands-on approach and exciting partnership with TPG Angelo Gordon, we will duplicate the great success we’ve had with other condominium projects in historic Manhattan neighborhoods, including 40 Bleeker St. and 215 Sullivan St.”

“Tribeca remains one of the city’s most desirable residential neighborhoods, and we’re excited to partner with BSD to deliver a redevelopment that respects its character and architectural integrity,” said Doug Profenius, principal at TPG Angelo Gordon.

In its 21 years, developer BSD has proven experience in repositioning a wide range of properties in New York City, thriving through up and down markets. BSD’s assets, over the years, include residential assets such as 40 Bleecker St., 298 Mulberry St., and 215 Sullivan St., and office properties such as 80 Broad St., 55 and 61 Bdwy., and 370 Lexington Ave. – representing a portfolio that successfully spans a wide range of asset types, challenges, and disciplines.