The Elad Group, the new owner of the long-stalled 5 Franklin Place in Tribeca, has selected Eran Chen of ODA Architecture to complete the development, known as Franklin Place, Crain’s reported. The building is located at 371 Broadway — a section of Broadway that is not landmarked, meaning that the new development can stand up to 20 stories, which is enough for 53 condominium units.
“That section of Broadway, just south of Canal, is a natural extension of Soho; it’s very lofty, but it has that luxury feel of Tribeca,” Chen told Crain’s.
Final renderings are not yet available.
Work is already underway and is slated for completion in 2014. The interiors will be designed by Andres Escobar.
Condos will be open-plan lofts accommodating one to four bedrooms. Cantor & Pecorella is the exclusive sales and marketing firm for the property. [Crain's] –Zachary Kussin
CORRECTION: Crain’s first listed the address of the development as 231 Broadway. The address is, in fact, 371 Broadway.