G4 Capital Partners Provides $320M for Sky Developers Tribeca Condo Building

Sky Developers has secured $320 million in construction financing to build a 280,000-square-foot condominium across an assemblage of lots in Downtown Manhattan, Commercial Observer can first report. 

G4 Capital Partners provided the financing, while Henry Bodek of Galaxy Capital arranged the transaction. 

The construction financing will take place across three adjacent lots in the Tribeca neighborhood of Manhattan: 65 Franklin Street, 59 Franklin Street, 112 Fulton Street and 356 Broadway.

HAP Investments, a real estate company co-founded by Eran Polack, had previously owned the site and initially planned to build a 19-story, 41-unit condo on the lot. After experiencing  myriad delays, HAP sold the undeveloped land at 360 Broadway earlier this year to Sky Developers in a $57.6 million deal first reported by Crain’s New York Business. 

HAP had purchased the site for $46 million in 2018, per property records. The firm’s website noted that its plans for 65 Franklin were for a 101,000 square-foot mixed-use residential condominium, 

A source close to the deal told CO that the new project under Sky Developers will be “a much bigger building than initially thought or planned.” 

Brian Pascus can be reached at bpascus@commercialobserver.com.