Despite a soft high-end market, the ever-busy firm of HAP Investment Developers is plowing ahead on a ground-up Tribeca condo at 65 Franklin Street/360 Broadway. The Real Deal reported that the Eran Polack-led investment company secured $94 million in construction financing from G4 Capital Partners in spring 2019. A recent visit to the corner site reveals that demoltion has begun on the 19th-century walk-ups at the site. A redevelopment of the assemblage has been kicked around since at least 2008.
According to permits on file, the building is being designed by CetraRuddy Architects and will rise 19 stories and contain 41 residences. Height limits cap new construction along this eastern edge of Tribeca to 210 feet, in turn, the tower will be similar in stature to the newly finished condos at 91 Leonard Street by Toll Brothers and 5 Franklin Place. Those aforementioned condos have been trading units just north of $2,000 per square foot on average according to our sales records.
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Demolition underway as of January 2020
Wielding aesthetically pleasing and context-respecting designs, CetraRuddy was behind the condos of One Madison Park (home to Rupert Murdoch), Rose Hill rising in NoMad, and Walker Tower. Leaked renderings, which may not depict the final design, show a rather restrained design that vaguely pays homage to Tribeca's industrial heritage.
There will be no more than four apartments per floor and upper stories will be home to a collection of duplexes and a series of full-floor units. A source told The Real Deal that most units will range from 1,000 to 2,500 square feet, with the largest spanning 3,500 square feet. There will be ground-level retail and amenities such as a swimming pool, fitness room, yoga studio, bike storage, and tenant storage will be tucked below ground.
HAP Investments' page on the project states the building will be comprised of "well-appointed residences and a highly visible retail component along Broadway." The stretch of Broadway between Canal and Chambers Streets has long been in transition for more than a decade, and the decline in retail values has helped result in a smattering of vacant storefronts and scaffolded facades. However, HAP does correctly note, "The building’s prime downtown location boasts boutique shops, restaurants, art galleries, and nightlife and provides exceptional connectivity to anywhere in New York City given its accessibility to several subway lines."
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