Updated 16 days ago
106 Franklin Street
Tribeca, Manhattan | Church Street & West Broadway
26 Rooms15 Beds11,891 Square FeetMulti-Family
$24,500,000
floors / apts5 / 5
Building TypeLoft
RE Taxes$248,556
Price Per SF
$2,060
Building Amenities
- Virtual Doorman
- Keyed Elevator
- Renovated Lobby
- Roof Deck
Property Description for 106 Franklin Street
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.
The building has undergone a comprehensive capital improvement program, de-risking the investment for the next cycle.
With exceedingly tight rental inventory and an arduous process to bring new development concepts to market, existing core assets like this have become the primary target for well-capitalized investors.
Financials and Setup:
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.
The building has undergone a comprehensive capital improvement program, de-risking the investment for the next cycle.
- 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.
With exceedingly tight rental inventory and an arduous process to bring new development concepts to market, existing core assets like this have become the primary target for well-capitalized investors.
Financials and Setup:
- 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)
Listing History for 106 Franklin Street
Now
04/13/2026
$24,500,000
Initial Price by Carrie C. Chiang
Corcoran
Launch
Building Details for 106 Franklin Street
OwnershipMulti-Family
Building TypeLoft
Service LevelVirtual Doorman
AgePre-War
AccessKeyed Elevator
Year Built1915
Floors/Apts5/5
Transit and Citi Bike
Subway
Franklin St
0.08 miles
Canal St
0.16 miles
Canal St
0.22 miles
Chambers St
0.28 miles
Canal St
0.3 miles
Citi Bike
Franklin St & W Broadway
0.06 miles
Leonard St & Church St
0.07 miles
Tribeca | Manhattan
Quick Profile
TriBeCa, named after the small geographic triangle below Canal Street. It’s not really a triangle, it's a quadrilateral and it's bounded by West Street, Broadway, and Chambers Street. It’s a little too late for a name change and besides, QuaBeCa doesn't sound half as cool as Tribeca.
One of New York City’s more notable acronymed neighborhoods, TriBeCa is known for its trendy boutiques, fabolous restaurants, historical landmarks, and resident celebrity lofts. It still holds the title of one of the coolest places to live in New York City.
TriBeCa is one of the first residential neighborhoods of New York City. Way back in 1700’s wealthy New Yorkers built homes and maintained gardens in what is now TriBeca.
Later in history it shifted from residential to warehouses, commerce and markets. After the Civil War, shipping hubs moved from the East River to the Hudson River and revitalized areas like the South Street Seaport and TriBeca. When shipping and commerce increased, the area soon became a favorite spot for wholesalers to store their goods in large industrial warehouses.
Just like its neighbor SoHo, TriBeCa boasts one of the world’s largest collections of wrought-iron facades and Neo-Grecian architecture.
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 105616TH
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