Broad Street, TPG Angelo Gordon Pay $44M for Tribeca Self-Storage Facility
The joint venture has a residential conversion in mind
By Larry Getlen July 21, 2025 4:42 pm
reprints
A joint venture between management and development company Broad Street Development and investment house TPG Angelo Gordon paid $43.5 million for 139 Franklin Street, a 10-story, 56,384-square-foot self-storage facility in Manhattan’s Tribeca neighborhood, Commercial Observer has learned.
139 Franklin Street was built in 1915 near the corner of Franklin and Varick streets and currently operates as a 74-unit Sofia Brothers self-storage facility. The buyer intends to convert the property to residential, according to a statement from JLL.
“We are thrilled to close our acquisition of 139 Franklin Street,” Daniel Blanco, co-founder and chief operating officer of Broad Street Development, said in the statement. “We believe this asset represents a standout residential conversion opportunity, and we’re looking forward to seeing our vision for its future come to life.”
JLL Capital Markets’ Brendan Maddigan, Andrew Scandalios, Ethan Stanton, Hall Oster, Michael Mazzara and Vickram Jambu represented the buyers and the seller, the Sofia family.
The announcement follows the July 1 sale of three other Sofia locations in New York to Storage Post Self Storage: 475 Amsterdam Avenue and 4396 Broadway in Manhattan, and 491 Bergen Street in Brooklyn. JLL worked with both parties in those transactions as well.
Traded first announced the deal.
Larry Getlen can be reached at lgetlen@commercialobserver.com.
