65 Franklin groundbreaking L-R Monzer Khafagy, Anthony Buonpastore, Ed Geerlof, Eran Polack, Tyler Wilkins, Brian McFarland
The seeds of New York's economic revival are gestating as the private sector sows plans for ambitious projects, even as the city reels from the pandemic and lacks a clearvision for its recorvery. HAP Investments, one of Manhattan's busiest builders of mid-size residential buildings during the last cycle, broke ground last week on 65 Franklin Street, a 19-floor, 110,000-square-foot development that will bring 41 condos and ground-floor retail to eastern Tribeca.
The corner site located at Franklin Street and 358 Broadway is in Tribeca's last frontier for new development since ready-to-build as-of-right sites are few and far between in the heavily landmarked areas to the west. The stretch of Broadway surrounding HAP's site has witnessed hundreds of new residential units come online in buildings such as Franklin Place, 91 Leonard, 108 Leonard, and Six Cortlandt Alley. Situated adjacent to Chinatown and between the shops of SoHo and the government offices of the Civic Center, the area has struggled to find its footing and character. While the streetscape is still mired by scaffolding, road construction, and vacant storefronts, the area holds the most untapped real estate potential in Tribeca.
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Rendering of 65 Franklin and Eran Polack
“65 Franklin Street is surrounded by boutique shops, restaurants, art galleries, and nightlife, making it a highly coveted location in the heart of downtown Manhattan,” said Eran Polack, CEO-NY & Co-Founder of HAP Investments. “Despite the near-term impact from COVID-19, we are confident Tribeca will recover and become more desirable than ever.”
HAP acquired the pre-existing 19th-century building and 77,000 of air rights for $46 million in 2018, then in the next year secured a $94 million construction loan from G4 Capital Partners. Decades prior, the site has traded hands several times to developers with visions of putting up an approximately 210-foot-tall residential building (the lot's senseless height limit). The N,Q,R subway line runs underneath the site which will make foundation work a bit more involved.
HAP enlisted the versatile designers of CetraRuddy Architecture to design the building. Their work includes Dahlia, Walker Tower, and One Madison. The firm is also behind the on-hold condo 45 Broad Street which is proposed to become the tallest condominium building downtown. The first rendering of the project shows a handsomely-massed tower with an understated facade or large windows and a weighty industrial grid. It appears many homes will have private outdoor space in the form of a terrace or balcony.
HAP enlisted the versatile designers of CetraRuddy Architecture to design the building. Their work includes Dahlia, Walker Tower, and One Madison. The firm is also behind the on-hold condo 45 Broad Street which is proposed to become the tallest condominium building downtown. The first rendering of the project shows a handsomely-massed tower with an understated facade or large windows and a weighty industrial grid. It appears many homes will have private outdoor space in the form of a terrace or balcony.
65 Franklin will have no more than four homes per floor and upper stories will feature a collection of duplexes and full-floor residences. A source told the Real Deal in 2019 that most units will range from 1,000 to 2,500 square feet with the largest spanning 3,500 square feet. Amenities are to include a swimming pool, fitness room, yoga studio, bike storage, and resident storage.
Demolition in 2019
“I am extremely proud of everyone who is working on 65 Franklin Street, and their extreme effort and dedication to the project during this very challenging time.”
HAP’s new project is breaking ground amid a soft residential market, though it may very well recover by the time the project is delivered in two- to three years. For the first three quarters of 2020, Tribeca's average condo price per square foot has slipped 12% Y-O-Y to $1,905/ft2. Transaction volume has plunged 46% Y-O-Y mostly due to the pandemic and ensuing lockdown.
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