Business
Broad Street Development and TPG Angelo Gordon Complete Acquisition of Tribeca Property, Plan Boutique Condo Conversion
Broad Street Development ("BSD"), a privately held, New York-based real estate developer, investor and operator, in partnership with TPG Angelo Gordon, a diversified credit and real estate investing platform within TPG Inc. today announced the acquisition of 139 Franklin Street, a vacant 10-story, historic building located in the heart of Tribeca. The venture will redevelop 139 Franklin into a boutique, luxury residential condominium within the original building envelope, seamlessly maintaining
About this update from Tpg Inc.
[{"type":"text","content":"139 Franklin Street to Offer Luxury Residences Within Historic Envelope of 1915 Building","length":88,"tagName":"p"},{"type":"text","content":"NEW YORK, July 21, 2025 /PRNewswire/ -- Broad Street Development ("BSD"), a privately held, New York-based real estate developer, investor and operator, in partnership with TPG Angelo Gordon, a diversified credit and real estate investing platform within TPG Inc. today announced the acquisition of 139 Franklin Street, a vacant 10-story, historic building located in the heart of Tribeca. The venture will redevelop 139 Franklin into a boutique, luxury residential condominium within the original building envelope, seamlessly maintaining and respecting its context in the neighborhood.","length":612,"tagName":"p"},{"type":"text","content":""The acquisition of 139 Franklin Street - the first of many projects in our pipeline that BSD plans to undertake - provides us with the perfect canvas to create one of the best residential properties in this historic Tribeca neighborhood," said Raymond Chalmé of BSD. "Through our hands-on approach and exciting partnership with TPG Angelo Gordon, we will duplicate the great success we've had with other condominium projects in historic Manhattan neighborhoods, including 40 Bleeker Street and 215 Sullivan Street."","length":540,"tagName":"p"},{"type":"text","content":""Tribeca remains one of the city's most desirable residential neighborhoods, and we're excited to partner with BSD to deliver a redevelopment that respects its character and architectural integrity," said Doug Profenius, Principal at TPG Angelo Gordon.","length":270,"tagName":"p"},{"type":"text","content":"Built at the turn of the 20th century in 1915, 139 Franklin Street is a historic brick and terra cotta building located in the Tribeca West Historic District. The property boasts ceiling heights of 13 feet, creating airy spaces filled with natural light. BSD will restore the architectural gem to its former glory in a contextual but contemporary manner.","length":354,"tagName":"p"},{"type":"text","content":"139 Frankin Street will be the first in a series of new residential properties BSD will redevelop under the Broad Street Bespoke brand. "This property has great bones and has endured more than a century of neglect – a real...