Has anyone heard anything about this new development? Two commercial buildings facing Broadway, between White and Franklin are being demolished and combined to make one luxury condo bldg.
http://fivefranklinplace.com/index.php No floorplans or pricing yet. Marketed by Corcoran. Assume these guys will try around $2k/sq foot (just like the new one over on Prince and Elizabeth - 211 Elizabeth) as if nothing has happened in the past 8 months. Unreal. As for this place in Tribeca it certainly has the potential of being very nice. Definitely look forward to seeing the floorplans. Hey it may all sell out - look at the new development at 15 Union Square West. They are getting those units out the door.
So it appears the entrance will be on Franklin Place, which is basically a cobble-stoned alley. Very clever not to have a Broadway address to fetch top dollars. I can see the construction site from my apt window and I can't image how much the lower floors that looks onto Franklin Place units will go for. They will have view of brickwalls and very little natural lighting, if any. And currently, that alley is used by the commercial businesses for loading/unloading and the Franklin Place entrance is always blocked by them from White Street entrance. It'll be interesting to monitor how quickly this building will sell out.
The whole alley thing is a great gimmick, but Broadway and Franklin is really Chinatown south. The street is filthy and filled with crap stores and vendors who couldn't fit on canal. Yuck.
the eastern edge of tribeca seems to be where all the development is happening. franklin place, the law school, four seasons, two projects on reade, one on walker... time will tell but i'd guess that by the time any of these buildings are finished those cheap stores along broadway and church will be long gone... it was bound to happen... is franklin and broadway any less tribeca than warren and west side highway or greenwich and canal?
Per The Real Deal: April 2nd
"Corcoran Sunshine and Five Franklin Place in latest legal standoff over struggling condo"
"The Corcoran Sunshine Marketing Group has filed a lawsuit in New York State Supreme Court alleging that the developer of Tribeca's Five Franklin Place condo owes the brokerage more than $500,000. "
"In the summons addressed to the developer, Corcoran said it terminated its exclusive sales agreement with Franklin Place last October, after the developer of the unfinished condo failed to pay more than $100,000 in marketing expenses. Corcoran argued that based on its initial agreement with the developer, it was entitled to a $500,000 termination fee if it ended its sales agreement with Franklin Place."
Has anyone heard anything about this new development? Two commercial buildings facing Broadway, between White and Franklin are being demolished and combined to make one luxury condo bldg.
Btw, it's located in Tribeca.
strictly for ballers
http://fivefranklinplace.com/index.php
No floorplans or pricing yet. Marketed by Corcoran. Assume these guys will try around $2k/sq foot (just like the new one over on Prince and Elizabeth - 211 Elizabeth) as if nothing has happened in the past 8 months. Unreal. As for this place in Tribeca it certainly has the potential of being very nice. Definitely look forward to seeing the floorplans. Hey it may all sell out - look at the new development at 15 Union Square West. They are getting those units out the door.
So it appears the entrance will be on Franklin Place, which is basically a cobble-stoned alley. Very clever not to have a Broadway address to fetch top dollars. I can see the construction site from my apt window and I can't image how much the lower floors that looks onto Franklin Place units will go for. They will have view of brickwalls and very little natural lighting, if any. And currently, that alley is used by the commercial businesses for loading/unloading and the Franklin Place entrance is always blocked by them from White Street entrance. It'll be interesting to monitor how quickly this building will sell out.
The whole alley thing is a great gimmick, but Broadway and Franklin is really Chinatown south. The street is filthy and filled with crap stores and vendors who couldn't fit on canal. Yuck.
the eastern edge of tribeca seems to be where all the development is happening. franklin place, the law school, four seasons, two projects on reade, one on walker... time will tell but i'd guess that by the time any of these buildings are finished those cheap stores along broadway and church will be long gone... it was bound to happen... is franklin and broadway any less tribeca than warren and west side highway or greenwich and canal?
Per The Real Deal: April 2nd
"Corcoran Sunshine and Five Franklin Place in latest legal standoff over struggling condo"
"The Corcoran Sunshine Marketing Group has filed a lawsuit in New York State Supreme Court alleging that the developer of Tribeca's Five Franklin Place condo owes the brokerage more than $500,000. "
"In the summons addressed to the developer, Corcoran said it terminated its exclusive sales agreement with Franklin Place last October, after the developer of the unfinished condo failed to pay more than $100,000 in marketing expenses. Corcoran argued that based on its initial agreement with the developer, it was entitled to a $500,000 termination fee if it ended its sales agreement with Franklin Place."