Across from 56 Leonard, 101 Franklin Street prepares for upscale 71-unit condo conversion and addition

By CityRealty Staff | From Future New York Today, February 27, 2026

Early elevation drawings of the conversion and expansion of 101 Franklin Street in Tribeca

Piggybacking on TriBeCa’s enduring appeal, its scarcity of new development, and the cachet of 56 Leonard Street across the street, 101 Franklin Street (aka 250 Church Street), the long-vacant postwar office building at the corner of Leonard Street is poised for a full transformation into 71 market-rate condominium residences.

Looking south down Church Street with 101 Franklin on the left and 56 Leonard rising behind

The drab and hefty 16-story, 205,000-square-foot office building, completed in 1948, has sat empty in development limbo since its anchor tenant, the city’s Human Resources Administration/Department of Social Services (HRA/DSS), consolidated operations at 4 World Trade Center roughly a decade ago. Earlier plans to reposition the property as Class A office space, with unrealized designs by Gensler and Rafael Viñoly, never materialized. Current owner TPG, a partnership between Skylight Real Estate Partners and Cannon Hill Capital Partners, is now seeking city approvals to expand and convert the structure into a 251,000-square-foot condominium with four additional floors.

Unrealized vision to upgrade the building into a Class A office building

The under-review zoning application seeks bulk modifications to increase allowable height and permit 15 accessory parking spaces. Without approvals, the owners state the building would instead be renovated and re-tenanted as Class A office space with ground-floor retail.

The proposal includes 71 graciously scaled residences, 2,654 square feet of retail, and a 15-vehicle automated parking garage. Hill West Architects is listed as architect of record in the unapproved Department of Building permits. The building would rise from 17 stories and 207 feet tall to 21 stories and 304 feet. No affordable housing component is specified in the environmental assessment statement.

Schematic drawing showing 101 Franklin with increased bulk

Condominiums at 56 Leonard, the tallest building in TriBeCa at 821 feet high, trade between $2,500 and $6,000 per square foot, with the higher prices achieved by upper-floor residences with panoramic city and river views. While 101 Franklin’s residences will not match those sightlines, its position overlooking the low-rise TriBeCa East and TriBeCa West Historic Districts will yield charming open vistas across Downtown's prewar architecture, with upper floors offering glimpses of the Hudson River and the Midtown skyline.

Drawings included in the zoning application offer a first glimpse of the redesign, which adopts a more traditional TriBeCa vocabulary: punched multi-pane windows in varied groupings, shallow setbacks creating private outdoor terraces for select residences, and a ground floor shaded by a quintessentially Downtown metal canopy.

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56 Leonard Street (left) and 101 Franklin Street cloaked in construction netting

While detailed renderings have not yet been released, the articulated façade and contextual approach suggest positioning at the top of the local condominium market. TriBeCa apartments command a premium thanks to the area's historic streetscape, quiet feel, and irreplaceable stock of warehouse buildings converted into loft-like homes with expansive windows and soaring ceilings.

A few blocks west on the Hudson River waterfront, the classically attuned 70 Vestry Street, designed by Robert A.M. Stern Architects, recently set a neighborhood record with a penthouse sale of $57 million. The team behind 101 Franklin appears to be pursuing a similarly traditional aesthetic, in contrast to the sculptural modernism of 56 Leonard across the way.

Julia Haart, the seller of 70 Vestry Street, #PHS, the priciest apartment ever sold in Tribeca (Modlin Group)

Select Tribeca listings near 101 Franklin Street

100 Hudson Street, #4D
$2,095,000

Tribeca | Cooperative | 2 Bedrooms, 1 Bath

100 Hudson Street, #4D (Compass)

From the Listing: Great Loft, Great Location, Great Building, Great Proportions. This corner loft features 11 huge windows South & West with wonderful light, great iconic views of the Freedom Tower and Mercantile Exchange, as well as 12ft beamed ceilings. In fact, it’s the best line in the building. See floor plan and full details here.

144 Franklin Street, #3
$5,395,000

Tribeca | Cooperative | 3 Bedrooms, 2 Baths | 3,000 ft²

144 Franklin Street, #3 (Compass)

From the Listing: This full-floor residence is located in a boutique prewar cooperative in Tribeca and offers approximately 3,000 square feet of thoughtfully designed living space. Originally created for artists, the loft was carefully reimagined by the Norwegian architectural firm Tupelo, balancing preserved prewar details with clean, modern finishes for a refined and understated take on loft living. See floor plan and full details here.

The Kea, #PH
$6,495,000

Tribeca | Condominium | 2 Bedrooms, 2 Baths | 2,063 ft²

The Kea, #PH (Compass)

From the Listing: Crowning a landmarked 1835 Neo-Greco building, the Penthouse at 42 White Street is a bespoke two-bedroom, two-bathroom residence that pairs old-world character with highly curated modern design. Spanning the full floor with private terraces off every room and a full rooftop oasis, this home offers rare light, views, and indoor-outdoor living at the center of Tribeca. See floor plan and full details here.

The Textile Building, #10C
$5,350,000

Tribeca | Condominium | 3 Bedrooms, 3.5 Baths | 2,914 ft²

The Textile Building, #10C (Compass)

From the Listing: Welcome to 66 Leonard Street 10C, an exceptional 3 bed, 3.5 bath, 2914 Sqft, TriBeCa residence housed in a historic landmark condominium. Step into this elegant condo and be greeted by an inviting atmosphere of luminous sophistication. A welcoming entry foyer opens into a radiant great room featuring expansive wide-plank hardwood floors, open-concept living and dining areas, a cozy gas fireplace, and a wall of oversized windows with corner exposure. See floor plan and full details here.

56 Leonard Street, #33BW
$8,000,000

Tribeca | Condominium | 3 Bedrooms, 3.5 Baths | 2,177 ft²

56 Leonard Street, #33BW (Douglas Elliman Real Estate)

From the Listing: Rising above the Tribeca skyline, 56 Leonard Street is a landmark of contemporary architecture and urban sophistication. Designed by internationally acclaimed architects Herzog & de Meuron, this iconic tower is instantly recognizable for its bold, cantilevered design-earning it the nickname the "Jenga Tower." Seamlessly integrated into the streetscape is a monumental mirrored sculpture by Anish Kapoor, forming a dynamic and unforgettable entrance that sets the tone for the exceptional experience within. Perched on the 33rd floor, this northwest corner 3-bedroom, 3.5-bath residence offers 2,177 square feet of interior space and an additional 217 square feet of private outdoor balconies. See floor plan and full details here.

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Select Tribeca listings near 101 Franklin Street

100 Hudson Street, #4D
$2,095,000

144 Franklin Street, #3
$5,395,000

The Kea, #PH
$6,495,000

The Textile Building, #10C
$5,350,000

56 Leonard Street, #33BW
$8,000,000

This is your member's center

In this article:

Select which properties are of interest to you:

Select Tribeca listings near 101 Franklin Street

100 Hudson Street, #4D$2,095,000

144 Franklin Street, #3$5,395,000

The Kea, #PH$6,495,000

The Textile Building, #10C$5,350,000

56 Leonard Street, #33BW$8,000,000

Select which properties are of interest to you:

Listings in this article

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100 Hudson Street, #4D
$2,095,000

144 Franklin Street, #3
$5,395,000

The Kea, #PH
$6,495,000

The Textile Building, #10C
$5,350,000

56 Leonard Street, #33BW
$8,000,000