Construction Update: 5 Franklin Place
By: Stephen Smith on August 19th 2014 at 3:30 pm
Broadway’s journey through the southern part of Tribeca has never been all that distinguished, marked by the hulking Federal Plaza at the bottom and PTAC-strewn rentals above. But the El Ad Group is about to change that, with a high-end condo building designed by ODA Architecture.
The architectural practice, led by Eran Chen, is making a name for itself with its sleek, boxy buildings, and 5 Franklin Place hews to that same aesthetic.
The structure is topped out, and while the base is still covered in construction netting, some windows have been installed towards the top, though the spandrel around them has not yet been put in place.
The building will cantilever slightly over its neighbor to the north, and towards the top the boxes will become more irregular, creating a number of setbacks for outdoor space.
The property will contain 53 condo units spread over 20 stories. They appear to be mostly spoken for: according to StreetEasy, 13 of the 14 units that have hit the market are in contract, with the remaining 750-square foot one-bedroom asking $1.45 million. The priciest unit was a four-bedroom duplex penthouse, asking $8.5 million.
The condo tower is being marketed under the name of the alleyway parallel to Broadway, to the west, perhaps seeking to avoid lower Broadway’s less-than-stellar reputation. But with units at 5 Franklin Place asking in the $2,000s per square foot and Shigeru Ban’s Cast Iron House being rebuilt from within just to the south, lower Broadway’s reputation should improve markedly in the near future.
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