Slate Property Group (“Slate”), a leading owner, operator and developer of residential and commercial real estate in the New York metropolitan area, in partnership with Avenue Realty Capital (“ARC”), has acquired 81 Franklin, a six-story multifamily building in the heart of Manhattan’s coveted Tribeca neighborhood.
The partnership purchased 81 Franklin for $30 million. The acquisition was financed by White Oak Real Estate Capital.
“We are always seeking strategically located residential properties in New York’s most sought-after neighborhoods, and we’re thrilled to expand our portfolio of high-quality assets with the addition of 81 Franklin, located in the heart of Tribeca,” said Martin Nussbaum, Co-Founder and Principal at Slate Property Group. “This property offers a rare combination of timeless architectural appeal and premier interior finishes.”
“Tribeca continues to be one of the most resilient and supply-constrained residential markets in New York City, with sustained demand from families and professionals who value its character, amenities, and quality of life” said Udi Kore, Managing Principal at Avenue Realty Capital. “The acquisition of 81 Franklin fits squarely within Avenue’s strategy of investing in high-quality, well-located multifamily assets in prime neighborhoods with strong long-term fundamentals.”
Centrally located in Tribeca, 81 Franklin offers direct access to New York’s prime dining scene, boutique shopping destinations, and convenient access to Hudson River Park and the A/C/E, 1/2/3, 4/5/6, and N/Q/R/W s lines.
81 Franklin was originally constructed as a commercial office building before being converted to residential use in 2013. The property is designated as part of the Tribeca East Historic District and features a quintessential cast-iron façade and 2,500-square-foot retail unit currently home to Allied Maker.
ARC has been an active equity investor in the multifamily and mixed-use segment of the market in New York City and the surrounding areas over the last 15 years. Slate and ARC have now partnered on multiple projects including The Welz at 159 Boreum and Dutch House in Long Island City, Queens.
Building ownership was represented by Guthrie Gavin of JLL. The partnership of Slate and ARC was represented in-house.
