Five Franklin cuts costs

October 31, 2008 01:31PM

Five Franklin Place, a condo development in progress in Tribeca, is downsizing its advertising and changing its sales to “by appointment only.” The downgrades are being put in place to cut staffing costs, according to Leo Tsimmer, a principal at developer Sleepy Hudson. The project is facing financing troubles, and concentrating funds on construction, he said. Tsimmer said Five Franklin is keeping one person from its original sales team at Corcoran, and two in-house employees. About eight apartments have sold at the building since May, according to the Post.

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