Tribeca Building That Houses Shinola Flagship Sells for $17M

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A seven-story, Tribeca office building that houses luxury goods retailer Shinola’s flagship New York City store sold for $16.75 million, Commercial Observer has learned.

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The property at 177 Franklin Street between Greenwich and Hudson Streets was sold by Bedrock Real Estate Partners to a private investor in a deal that closed on Monday, according to Avison Young, which brokered the sale for Bedrock. 

The Avison Young brokers declined to provide the buyer’s name.

“The Shinola building at 177 Franklin Street benefits from its great location as well as state-of-the-art technology and architectural landmark details throughout,” Avison Young’s James Nelson said in a statement. “This deal is also another demonstration of our solid track record in this neighborhood and ability to find the right buyer.”

Nelson said the deal first went into contract in December 2019, before the novel coronavirus turned into a pandemic across the world, and still was able to close this week.

Bedrock Real Estate Partners bought the 1920s-era in 2011 for $14.25 million and first put it up for sale in 2018 for $23 million, according to the Tribeca Citizen. Avison Young brought it back on the market about seven-months ago, this time with no asking price.

Nelson represented Bedrock in the sale along with Charles Kingsley, Eric Karmitz, David Lawrence and Carter Lovejoy. The buyer had no brokers.