177 Franklin StreetThough the trend in Tribeca has been converting old commercial space into brand new condominiums, the buyer of 177 Franklin Street is taking the opposite approach. According to the Wall Street Journal, the parent company of clothing retailer Steven Alan paid $14.5 million for the 12,000-square-foot building intended for residential use, and will turn it into a store, below Steven Alan showrooms and offices.

Bedrock Brands, the Texas-based company that purchased the building, will use the retail space to relaunch its once-famous brand Shinola. Bedrock is owned by Tom Kartsotis, the founder of fashion brand Fossil. Maria Pashby, a senior vice president at the Corcoran Group, had been marketing the 120-year-old building as a single mansion. [more]

From left to right: Michael Kirchmann, Maria Pashby, Joanna Pashby, interior of 177 Franklin Street; facade 177 Franklin Street

The new owner of a former church-owned site in Tribeca has listed the property for $18 million– twice as much as he paid for it two weeks ago.

Corcoran agents Maria Pashby and Joanna Pashby listed the seven-story loft building at 177 Franklin Street three days ago, as Curbed.com first reported. City property records posted today show that Glad Tidings Tabernacle sold the building on June 13 for $9 million to a company affiliated with architect Michael Kirchmann.

Kirchmann is the founder and CEO of Soho-based architectural and planning firm Global Design Strategies, and co-owner Praxis Development. He told The Real Deal he plans to either flip the property or develop it through Praxis into a townhouse or into three or four very high-end luxury duplex condominiums. [more]