51-59 Franklin Street
51-59 Franklin Street
Tribeca
OPPORTUNITY TO DEVELOP BOUTIQUE RESIDENTIAL OR COMMERCIAL CORNER PROPERTY IN TRIBECA WITH EXCELLENT LIGHT & AIR
| Asking Pricing | Submit Offers |
|---|---|
| Type | Development Site |
| Neighborhood | Tribeca |
| Properties | One |
| Lot Size | 6,678 Square Feet |
| Zoning Code | C6-4A |
| Size | 48,180 Square Feet Existing |
| Stories | Five Stories Existing |
| Air Rights | N/A |
Investment Highlights:
Meridian Investment Sales is pleased to present the exclusive offering for 51-59 Franklin Street, a prime development site located in the heart of Tribeca. Investors will have the opportunity to utilize existing plans for a boutique residential building containing 89 units, or can redesign the project to maximize the 95,101 SF of as-of-right permitted ZFA. Currently configured as a five-story mixed-use building, the approved plans call for subdividing the existing lot and transferring 22,295 SF of air rights to the property. The existing building is five stories and spans 48,180 SF above grade, with two additional basement levels featuring excellent ceiling heights. The entire building can be vacated in the near term, as all of the current leases are either month-to-month, contain demolition clauses, or expire within a few months. Situated within the favorable C6-4A zoning district, a wide variety of uses are permitted. With significant frontage totaling 85 feet along Franklin Street and Benson Place, development sites of this magnitude are a true rarity in the exclusive neighborhood.
