106 FRANKLIN Street, New York City, NY 10013
- 15 beds |
- 15 baths |
- 11,891 sqft
Multi-Family Home 
Built in 1915 
2,614sqft lot
—— car garage 
$2,060/sqft 
Listed 19 days ago
Property Description
Prime Multi-Family Asset, Built 25' x 95' Seldom does an opportunity materialize to acquire a core multi-family asset on Franklin Street, a coveted block in Manhattan's premier enclave: Tribeca. Virtually non-existent in the current market, this property represents the epitome of safe-haven real estate. It's a product type that remains in demand by global investors, private wealth offices, and institutional funds. Comprising four expansive, full-floor, loft-style 3-bedroom residences, plus a first floor duplex with its own outdoor space, this 100% leased building combines historical Tribeca pedigree with contemporary features. On a prime Tribeca block, this asset sits at the intersection of global wealth and cultural influence. Record-Breaking Fundamentals: Q1 and Q2 2026 have recorded the highest median Manhattan rent in history. The market is currently experiencing a significant supply-demand imbalance, favoring owners of high-end inventory. 3-Bedroom Alpha: While the broader market is climbing, the 3-bedroom sector has outperformed, accelerating 24% year-over-year, significantly outpacing gains for smaller units. Immediate Yield Expansion: Three of the five active leases are scheduled to reset across consecutive months this summer. This provides a near-term path to capturing significant additional income and a substantially more attractive cap rate. Seamless Transition: Current ownership has established a reporting structure and process that will ensure a frictionless handoff for the incoming investor. The Asset: Sophistication Meets Scale The building has undergone a comprehensive capital improvement program, de-risking the investment for the next cycle. Mechanical Excellence: High-efficiency hot water heaters and significant elevator infrastructure upgrades. Aesthetic Refresh: A newly renovated lobby and entryway provide a "high-profile" arrival experience consistent with the neighborhood's luxury standards. Lifestyle Amenities: A gorgeous furnished roof deck offers residents expansive outdoor space, a critical driver for premium rents in the current market. The Residences: Units 2, 3, 4, and PH are full-floor layouts. Each features a 3-bedroom gourmet kitchen and open plan concept designed specifically for the tenant profile that Tribeca attracts. Market Context: Investing Now With exceedingly tight rental inventory and an arduous process to bring new development concepts to market, existing core assets like this have become the primary target for well-capitalized investors. Financials and Setup: Occupancy: 100% Unit Mix: Four (4) Full Floor 3-BR/3Bath Units, plus One (1) First Floor Duplex with private outdoor space Lease Reset: Summer 2026 (3 units in consecutive months) Neighborhood: Tribeca (Franklin Street)
- Listing Status:
- Active
- Date Added:
- April 13, 2026
- Data Last Updated:
- May 2, 2026 at 5:20PM
- Listing Office:
- Corcoran Group : (212) 355-3550
- Listing Agent:
- Carrie Chiang : (917) 293-0082
- MLS ID:
- RLS20083289
- General: Private Outdoor Space Over 60 Sqft
- General: 5
- Originating MLS: RLS_REBNY
- County: New York
- Zoning: 0178-0006
- View: Other
- Source: RLS_REBNY
This listing courtesy of Carrie Chiang , Corcoran Group
Monthly Payment
- Principal & Interest $
- Property Taxes $
- Home Insurance $
- VA Funding Fee $
