106 Franklin St, New York City, NY 10013

Description

Prime Multi-Family Asset, Built 25' x 95'

Seldom does an opportunity materialize to acquire a core multi-family asset on Franklin Street, a coveted block in Manhattan's premier enclave: Tribeca. Virtually non-existent in the current market, this property represents the epitome of safe-haven real estate. It's a product type that remains in demand by global investors, private wealth offices, and institutional funds.

Comprising four expansive, full-floor, loft-style 3-bedroom residences, plus a first floor duplex with its own outdoor space, this 100% leased building combines historical Tribeca pedigree with contemporary features.

• On a prime Tribeca block, this asset sits at the intersection of global wealth and cultural influence.
• Record-Breaking Fundamentals: Q1 and Q2 2026 have recorded the highest median Manhattan rent in history. The market is currently experiencing a significant supply-demand imbalance, favoring owners of high-end inventory.
• 3-Bedroom Alpha: While the broader market is climbing, the 3-bedroom sector has outperformed, accelerating 24% year-over-year, significantly outpacing gains for smaller units.
• Immediate Yield Expansion: Three of the five active leases are scheduled to reset across consecutive months this summer. This provides a near-term path to capturing significant additional income and a substantially more attractive cap rate.
• Seamless Transition: Current ownership has established a reporting structure and process that will ensure a frictionless handoff for the incoming investor.

• Mechanical Excellence: High-efficiency hot water heaters and significant elevator infrastructure upgrades.
• Aesthetic Refresh: A newly renovated lobby and entryway provide a "high-profile" arrival experience consistent with the neighborhood's luxury standards.
• Lifestyle Amenities: A gorgeous furnished roof deck offers residents expansive outdoor space, a critical driver for premium rents in the current market.
• The Residences: Units 2, 3, 4, and PH are full-floor layouts. Each features a 3-bedroom gourmet kitchen and open plan concept designed specifically for the tenant profile that Tribeca attracts.

• Occupancy: 100%
• Unit Mix: Four (4) Full Floor 3-BR/3Bath Units, plus One (1) First Floor Duplex with private outdoor space
• Lease Reset: Summer 2026 (3 units in consecutive months)
• Neighborhood: Tribeca (Franklin Street)