Urban Standard Capital Provides $50M to Build Tribeca Condo
The project will be developed by brothers Ken and Steve Coalo of CNY Group
By Brian Pascus January 3, 2025 4:57 pm
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CNY Group has secured $49.5 million in construction financing to build 143 Franklin Street, a 10-unit, ultra-luxury condo in Tribeca, Commercial Observer has learned.
Urban Standard Capital provided the construction loan, which closed on New Year’s Eve, according to the firm.
“With our development DNA and deep understanding of the business plan and submarket, we could discern between real and perceived risk and move quickly for our partners,” said Sam Hollander, vice president of Urban Standard Capital.
The project will be developed by brothers Ken Coalo and Steve Coalo of CNY Group, a New York City firm that spearheaded the construction of The Woolworth Tower Residences, 64 University Place and 21 East 12th Street in Manhattan.
“We were immediately drawn to this opportunity not only because of the incredible location but also due to Ken Colao’s impeccable reputation and history of executing world-class developments,” said Robert Levine, another vice president of Urban Standard Capital.
Located between Hudson and Varick streets in the heart of Tribeca, 143 Franklin Street will feature 10 loft-like apartments that encompass almost 30,000 square feet across six stories.
Construction is expected to take two years, said Levine.
Brian Pascus can be reached at bpascus@commercialobserver.com
