Manhattan, NY HAP Investments, a leading New York-based real estate investment and development company, today announced the groundbreaking for 65 Franklin St., a new luxury residential and retail development in Tribeca. The projected cost of the development is $150 million.
The 19-story, 110,000 s/f building will feature 41 condominium residences, along with a retail component on Broadway. The project is scheduled to be completed in 2022.
“65 Franklin St. is surrounded by boutique shops, restaurants, art galleries, and nightlife, making it a highly coveted location in the heart of downtown Manhattan,” said Eran Polack, CEO-NY & co-founder of HAP Investments. “Despite the near-term impact from COVID-19, we are confident Tribeca will recover and become more desirable than ever.”
CetraRuddy is the architect of record for the development. Noble Construction serves as the general contractor. A construction loan was provided by G4 Capital Partners, and a mezzanine loan by Quinlan Development Group.
In addition to its prime location, 65 Franklin St. is close to a number of major subway lines as well as the West Side Highway, providing access to anywhere in the city. “I am extremely proud of everyone who is working on 65 Franklin St., and their extreme effort and dedication to the project during this very challenging time,” Polack said.