139 Franklin St. Luxury Condo Conversion

planned

A self-storage facility located at 139 Franklin St. in Tribeca, New York City, has been sold for $43.5 million to investors who plan to convert the 56,000-square-foot, 10-story building into luxury condominiums. The building, constructed in 1915, features natural light and 13-foot ceiling heights. The project aims to modernize the property while preserving the original building envelope and respecting the neighborhood context. The conversion aligns with New York City's housing initiative trends, although this specific property will not be a candidate for the City of Yes initiative but may qualify for other incentives for adaptive reuse of commercial space.