106 Franklin Street, Manhattan, NY 10013
Local realty services provided by:CENTURY 21 Awaye Realty
106 Franklin Street,Manhattan, NY 10013
$24,500,000
- 15 Beds
- 15 Baths
- 11,891 sq. ft.
- Multi-family
- Active
Listed by: carrie chiang
Office: corcoran group
MLS#:RLS20083289
Source:NY_REBNY
Price summary
- Price:$24,500,000
- Price per sq. ft.:$2,060.38
About this home
Prime Multi-Family Asset, Built 25' x 95'<br> <br> 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.<br> <br> 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.<br> <ul> <li>On a prime Tribeca block, this asset sits at the intersection of global wealth and cultural influence.</li> <li> 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.</li> <li> 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.</li> <li> 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.</li> <li> Seamless Transition: Current ownership has established a reporting structure and process that will ensure a frictionless handoff for the incoming investor.</li> </ul> The Asset: Sophistication Meets Scale<br> The building has undergone a comprehensive capital improvement program, de-risking the investment for the next cycle.<br> <ul> <li> Mechanical Excellence: High-efficiency hot water heaters and significant elevator infrastructure upgrades.</li> <li> Aesthetic Refresh: A newly renovated lobby and entryway provide a "high-profile" arrival experience consistent with the neighborhood's luxury standards.</li> <li> Lifestyle Amenities: A gorgeous furnished roof deck offers residents expansive outdoor space, a critical driver for premium rents in the current market.</li> <li> 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.</li> </ul> Market Context: Investing Now<br> 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.<br> <br> Financials and Setup:<br> <ul> <li> Occupancy: 100%</li> <li> Unit Mix: Four (4) Full Floor 3-BR/3Bath Units, plus One (1) First Floor Duplex with private outdoor space</li> <li> Lease Reset: Summer 2026 (3 units in consecutive months)</li> <li> <strong>Neighborhood:</strong> Tribeca (Franklin Street)</li> </ul>...
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Home facts
- Year built:1915
- Subdivision & Development:Tribeca
- Listing ID #:RLS20083289
- Added:109 day(s) ago
- Updated:July 31, 2026 at 06:54 PM
Rooms and interior
- Bedrooms:15
- Total bathrooms:15
- Full bathrooms:14
- Half bathrooms:1
- Rooms Total:26
- Basement:Yes
- Living area:11,891 sq. ft.
Heating and cooling
- Cooling:Central Air
- Central air:Yes
Structure and exterior
- Year built:1915
- Building area:11,891 sq. ft.
- Exterior Features:Rooftop
Finances and disclosures
- Price:$24,500,000
- Price per sq. ft.:$2,060.38
- Tax amount:$248,556
Features and amenities
- Appliances:WasherDryerAllowed
- Laundry features:Washer Dryer Allowed
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