106 FRANKLIN Street
MLS® #RLS20083289
Listing by Corcoran Group
15
Bedrooms
15.5
Baths
11,891
Sq. Ft.
1915
Year Built
Quick Summary
Property Highlights
- Views: Other
- Climate Control: Central Air
- Character: Pre-war building (1915)
Property Details
Description
Prime Multi-Family Asset
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 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.
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)
Features & Amenities
Interior Features
Exterior Features
Building Amenities
Appliances
Building Information
Financial Details
About Tribeca
View All Tribeca ListingsTribeca (the Triangle Below Canal) is synonymous with ultra-luxury and understated elegance. Once an industrial district, it is now home to some of the city's most expensive and sought-after real estate. The neighborhood is defined by its massive cast-iron loft buildings, cobblestone streets, and nearby public schools. Residents enjoy a discreet lifestyle in expansive lofts or in world-class new developments designed by 'starchitects' along the Hudson River waterfront.
Tribeca Live Market Data
View NeighborhoodActive Listings
141
Median Asking Price
$4.50M
Median $/Sqft
$2,273
Avg Days on Market
N/A
New This Week
19
Price Reduced
19%
Sold (30 Days)
17
Median Sale Price
$3.50M
Live data from RLS at REBNY • Updated 4/13/26, 12:44 PM EST
Location
106 FRANKLIN Street, Tribeca, New York County
Floor Plans
Listing Data
RLS® at REBNY (Real Estate Board of New York) via Trestle API. Updated in real-time.
Market Data
RLS® at REBNY (Real Estate Board of New York). Live data updated in real-time.
Map & Location
OpenStreetMap contributors via Leaflet. Geocoding via Nominatim.
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Listing Courtesy of Corcoran Group - Carrie Chiang
Listing Contact: (917) 293-0082
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RLS Data display by Keller Williams NYC. Data last updated on 4/13/2026 at 4:44 PM UTC