Proposed: Five Franklin Place - 21-story condo - TriBeCa - by Ben van Berkel

[krulltime]

Sleepy Hudson plans 21-story condo building in TriBeCa


17-NOV-06

Sleepy Hudson LLC has gotten a $28.3 million senior bridge loan to acquire two adjacent parcels of land on Broadway between White and Franklin Streets and Franklin Place in TriBeCa where it plans to erect a 21-story residential condominium building.

The financing was provided by Canyon Capital Realty Advisors and Pantheon Financial.

Sleepy Hudson LLC is the developer of Highline 519, a residential condominium development adjacent to the High Line at 519 West 23rd Street. That project had been designed by Lindy Roy and is distinguished by its cloud-like scrims on its balconies. Alexander Campagno is now the architect for that project, which has added one floor to its height and recently has been topped out and is scheduled for occupancy in the first quarter of next year, according to Paul Bonnar of Sleepy Hudson.

Dave Kislin and Leo Tsimmer are the principals of Sleepy Hudson LLC.

Details about the number of apartments planned for the building and which architect is designing it have not been finalized, according to Mr. Bonnar, who added that the number of apartments will probably be in the range of 65 to 70.

The building is an "as-of-right" project, according to Mr. Bonnar, meaning that it will be erected within existing zoning and building department regulations and not require public review.

The new project will probably have its residential entrance on Franklin Place and retail frontage of Broadway. It is a mid-block project and does not have frontages on White and Frankln Street.

Franklin Place runs one block from White and to Franklin Street.

The site is one block south of the proposed conversion into 90 residential condominium apartments of the 29-story office tower at 401 Broadway on the northwest corner of Walker Street.

The site is convenient to SoHo and Chinatown and there is good public transportation in this area.


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[lofter1]

It seems that the site for this project is located at 373-375 Broadway (aka 9 Franklin Place) and 369-371 Broadway (aka 3-5 Franklin Place).

This block -- bounded by Broadway / White St. / Franklin Place / Franklin St. -- is a non-Landmarked block. However, it is surrounded on the west, north and east by the Tribeca West Historic District (see LPC Map HERE ).

The existing building at 373-375 Broadway is a 6-story building which appears to have cast-iron facade that sits on a plot 150' x 50':



The building to the south (371 Broadway; aka 5 Franklin Place) is a 5-story / 50' building on a 25' x 150' plot with a lousy looking 60's facade (as seen at the far left in the photo above).

The building to the south of that (369 Broadway; aka 3 Franklin Place) is a 5-story building on a 25' x 150' plot.

The building to the north (377-379 Broadway) is a 12-story / 145' commercial condo.

NYC Department of Finance records show that a transfer of the 373-375 property was recorded on 11.13.2006; on that same date a transfer was recorded for 369-371 Broadway (amount recorded on that date: $3,072,333.00).

The 373-375 property was recorded in the name of Ascendance Development LLC. The 369-371 property was recorded in the name of Sleepy Hudson LLC.

Google search for "Ascendance Development" turned up an ad at nylawyer.com:

NOTICE OF FORMATION of ASCENDANCE DEVELOPMENT, LLC,

a domestic Limited Liability Company (LLC). Articles of Organization filed with Secretary of State on 6/9/05. NY Office location: NEW YORK County. Secretary of State is designated as agent upon whom process against the LLC may be served. Secretary of State shall mail a copy of any process against the LLC served upon him/her to C/O LEO TSIMMER, C/O SLEEPY HUDSON, LLC 261 MADISON AVE STE 1504 NEW YORK, NY 10016. PURPOSE: To engage in any lawful act or activity. 645190 f23-Th m30

Hopefully the plan here is renovate the cast iron building at 373-375 and use the air rights from that plot to build the new 21-story building on the site of 369-371.

That would save the 5-story existing building -- and would also maintain a buffer between the existing 12-story building to the north and this new "tower".

[lofter1]

Some pics of this stretch of Broadway between Franklin / White ...

#1. 369 Broadway
#2. 371 Broadway
#3. 373-375 Broadway
#4. That side (west) of the block
#5. The opposite side of Broadway (within the Historic District); nice buildings at mid-block
#6. A new-ish 21-story POS on the SE corner of Broadway & White (within the Tribeca East Historic District but built before that District was created)

***
373-375 is not cast iron but appears to be painted limestone or sandstone (see the last pics: #s 7 & 8)

The furniture store in 373-375 is moving out soon (just up the block to 402 B'way). The proprietor did not know if there were any plans to tear down this building.

[lofter1]

Around the corner where Franklin Place runs for the single block between Franklin and White you find a tiny little cobblestoned lane barely big enough for two cars to pass (in fact, today there were parked cars blocking access from the north at Franklin).

All of the Broadway buildings that back up onto Franklin Place are currently old-style Tribeca grunge -- lots of painted but peeling brickwork, rusting fire escapes and battered loading docks.

The buildings across Franklin Place are all 5-story red brick and look to be in terrific shape (that could be because they are all within the landmarked Tribeca Historic District ).

The article says that the entrance to the residential units in the new building will be along Franklin Place. Eventually this could become a charming little street -- as it stands now it will scare many buyers away.

Some pics ...

#1. The rear of 369 & 371 Broadway (aka 3 & 5 Franklin Place)
#2. The canopied loading dock at the rear of 373-375 Broadway (aka 9 Franklin Place)
#3. Franklin Place looking south from White Street towards Franklin Street
#4. The red brick facades of the buildings along the west side of Franklin Place

***

[lofter1]

Meanwhile, a couple of blocks south on Broadway, DEMOLITION is nearly complete at the 279 Broadway (aka 57 Reade St.) site -- just to the north of Cass Gilbert's fantastic Broadway Chambers Building.

The thread on that one is HERE.

Latest pics of that Demo'd site are HERE.

[krulltime]

Thanks for the photos lofter1. I hope that Cast Iron building is saved. But I highly doubt these developers will care to do so. all they care is to built something simple and fast. Especially now that the condo boom is ending soon.

I am sure O'Haras (and other like it) must be contacting these developers with their quick ideas.

[lofter1]

UPDATE:

I got word that the nicer building at 373-375 Broadway is NOT part of this project


The Sleepy Hudson development will take place at the POS located at 369-371 Broadway

[londonlawyer]

Originally Posted by lofter1

UPDATE:

I got word that the nicer building at 373-375 Broadway is NOT part of this project


The Sleepy Hudson development will take place at the POS located at 369-371 Broadway

Awesome! I hate that POS at 371. (369 isn't bad though.)

[lofter1]

And it appears that no air rights were obtained from 373-375, so that leaves me with the fear that the north facade of this new 21-story building will be a blank wall ...

[antinimby]

Not me. I won't celebrate just yet.

I'll remain skeptical until we see how the demolition goes.

lofter, how did you get that information?

[lofter1]

One of the owners of 373-375 PM'd me

Wanted to clear up something I found at Department of Finance website and posted here -- and which turned out to be an apparent mistake in city records regarding a prior sale.

[infoshare]

Aerial views and map.

[londonlawyer]

Originally Posted by lofter1

Around the corner where Franklin Place runs for the single block between Franklin and White you find a tiny little cobblestoned lane barely big enough for two cars to pass (in fact, today there were parked cars blocking access from the north at Franklin)....
#1. The rear of 369 & 371 Broadway (aka 3 & 5 Franklin Place)
#2. The canopied loading dock at the rear of 373-375 Broadway (aka 9 Franklin Place)
#3. Franklin Place looking south from White Street towards Franklin Street
#4. The red brick facades of the buildings along the west side of Franklin Place

***

What a beautiful street! White Street, between B'Way and Church, is also magnificent. It's buildings look as stunning as the line-up at a beauty pageant.

[niceguy]

Thanks for the comments about Franklin Place. The opening scene of "The Talented Mr. Ripley" was shot in this alley. The "canopied roof of 373-375 Broadway" and the loading dock is transformed into a butcher shop. Many other films and videos have used this alley including the bug scene in "Men and Black," and a music video for the Blues Travelers.

[londonlawyer]

Nothing has occurred with this project for quite some time.