Apollo Provides $71M Loan for Tribeca Luxury Condo Conversion
Broad Street Development and TPG Angelo Gordon are developing the high-end residences at 139 Franklin Street
By Brian Pascus July 13, 2026 1:19 pm
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A joint venture between Broad Street Development and TPG Angelo Gordon has secured $71 million in construction financing to build 139 Franklin Street, a boutique residential condominium that will deliver up to 18 units in Manhattan’s Tribeca neighborhood, Commercial Observer can first report.
Affiliates of Apollo Global Management provided the construction debt, while a JLL Capital Markets team of Michael Gigliotti and Aaron Niedermayer arranged the transaction.
Raymond Chalmé, principal of Broad Street Development, described the new asset as “one of Tribeca’s most distinctive boutique residential offerings,” in a statement and noted that the building is being marketed specifically to luxury buyers in the swanky Manhattan submarket.
“We appreciate Apollo’s confidence in our team and JLL’s expertise in arranging financing that positions the development for a successful delivery,” he said.
Located near the intersection of Franklin Street, Varick Street and West Broadway, 139 Franklin Street is being built on the site of a 56,384-square-foot, 10-story, 74-unit self-storage facility. The site is in the heart of Tribeca, an enclave of lofts and converted luxury apartments on the west side of Manhattan below Canal Street.
Broad Street Development and TPG Angelo Gordon acquired the former site from the Sofia family for $43.5 million in 2025, according to YIMBY.
This is far from Broad Street’s first luxury or conversion play in Lower Manhattan. The firm oversaw the construction of 40 Bleecker Street and 215 Sullivan Street in the last decade, and converted the old Maritime Exchange Building into 326 luxury apartments at 80 Broad Street.
The new residential condo at 139 Franklin Street is expected to deliver three- to five-bedroom homes with private outdoor space and wellness-style amenities, according to JLL.
JLL’s Gigliotti described Tribeca in a statement as one of Manhattan’s most sought-after residential submarket due to the limited inventory and reputation of its existing condominiums.
“139 Franklin Street represents a compelling conversion play in Tribeca, where demand for boutique, high-quality residences continues to outpace new supply,” he said.
Brian Pascus can be reached at bpascus@commercialobserver.com.
