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]
