A onetime self-storage workhorse at 139 Franklin Street is trading cardboard boxes for concierge living, after affiliates of Apollo put up a $71 million construction loan for a high-end condo conversion in the heart of Tribeca.
Broad Street Development and partner TPG Angelo Gordon plan to turn the 10-story terra cotta building into roughly 18 three- to five-bedroom luxury residences, many with private outdoor space and interiors by designer Ryan Korban. The developers say they will preserve the historic exterior while layering in wellness-style amenities aimed squarely at buyers chasing large, light-filled Manhattan homes.
Funding and lenders
The construction debt was provided by affiliates of Apollo Global Management, as reported by New York Business Journal. That financing sits inside a capitalization the developers have pegged at about $100 million, according to The Real Deal, and is expected to underwrite the core conversion work along with the upscale interior buildouts. Broad Street’s principals say Apollo’s backing gives the boutique project institutional heft as it moves through permitting and into full construction.
The site and backstory
The property at 139 Franklin is a 56,384-square-foot, 10-story building that until recently operated as a 74-unit self-storage facility. JLL arranged the roughly $43.5 million sale to the Broad Street and TPG joint venture in July 2025, per JLL. The firm also highlighted the building’s 13-foot ceilings and full north-and-south exposure, features developers say are tailor-made for carving out oversized loft-style residences.
Coverage at New York YIMBY notes that the Franklin Street project is poised to be one of the first residential conversions in Tribeca since the city rolled out incentives for adaptive reuse, putting it in the vanguard of a policy experiment closely watched by developers and planners.
Where this fits in the city's conversion wave
The loan is the latest sign that private capital is still willing to back smaller-scale, top-shelf conversions in Manhattan even as financing grows tougher for big ground-up towers. Industry coverage has tracked a steady wave of office, retail and other commercial-to-residential conversions across Lower Manhattan in recent years, and brokers say boutique projects in tight submarkets such as Tribeca often draw outsized buyer interest, per The Real Deal.
That combination of limited new condo inventory and demand for large-footprint homes is a key reason developers keep hunting for adaptive reuse opportunities, even as construction and borrowing costs stay high.
Design, units and next steps
The conversion is slated to deliver three- to five-bedroom condominiums with private outdoor spaces and interiors by Ryan Korban, according to New York Business Journal. CityRealty lists the project with roughly 18 units and notes that foundation work and permit filings are underway, with an expected delivery window in 2027.
Developers have not released pricing or a sales launch date. Brokers quoted in coverage say the homes will likely be pitched to deep-pocketed buyers hunting for large, turnkey residences in one of Manhattan’s tightest and priciest luxury submarkets.
