Broad Street Development Acquires Resi Conversion At 139 Franklin Street For $43.5M
139 Franklin Street
$43,500,000
$771/SF
Building Size
56,384 SF
Asset Type
Self Storage
Closing
Jul 14, 2025
AI
The property asset involved in this transaction is located at 139 Franklin Street in the Tribeca market of Manhattan. It is a residential conversion asset with a sale price of $43,500,000. The total square footage of the property is 56,384, translating to a price per square foot of $771.
Summary of transaction details:
- Property Type: Resi Conversion
- Transaction Amount: $43,500,000
- Address: 139 Franklin Street
- Market: Tribeca, Manhattan
- Square Footage: 56,384
- Price per Square Foot: $771
- Buyer: Broad Street Development
- Seller: The Sofia Family
- Brokers: Andrew Scandalios, Brendan Maddigan, Ethan Stanton, Vickram Jambu, Hall Oster & Roberto Casas - JLL
The deal involved Broad Street Development as the buyer and The Sofia Family as the seller, showcasing the collaboration of multiple brokers from JLL, including Andrew Scandalios, Brendan Maddigan, Ethan Stanton, Vickram Jambu, Hall Oster, and Roberto Casas, to facilitate the transaction.
Players
New York Self Storage Market Snapshot
Boundary boundary · Self Storage · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.36%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93