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New York

Five Franklin’s $40M note pulled from auction

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William Procida and a rendering of Five Franklin Place

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The $40 million mortgage on the stalled Tribeca condominium project Five Franklin Place has been yanked off the auction block, according to Crain’s, after a foreign investor inked a deal to buy the note. The condo’s site, at 369-371 Broadway between White and Franklin streets, was considered one of the last few remaining development sites in the neighborhood. William Procida, president of Procida Advisors, which was named an advisor on the note in May, said that the buyer “hit a number that is satisfactory and fair” and will pay all cash. The auction, which was announced less than a week ago, had been slated to begin this coming Monday. [Crain’s]