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Curbed NY

By Curbed NY | Other/Just Looking in New York, NY

Five Franklin Place: Black, Bendy & Yours for $19.5M in Cash

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Yes, we just dubbed Dutch architect Ben van Berkel's Five Franklin Place the year's craziest rendering, but the true craziness is in the real life twists and turns surrounding the Tribecaish luxury condo development. Already, rumors have circulated regarding the 20-story, 55-unit project's financing, rumors at once denied by developer Sleepy Hudson but given legs as the Broadway building was "downshifted." We were recently by the site and noted a lack of construction progress, and now this. This, friends, is a packet of information from brokerage firm Cornerstone Property Group marketing the development for sale. According to the cover sheet, forwarded by a Curbed tipster and seen after the jump, the project is in default on its $28,250,000 acquisition loan—the property was acquired for $36.6 million in 2006, according to PropertyShark—and is now asking $19.5 million, cash please.

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Pluses: the foundation and first floor are in place, and FFP qualifies for the treasured 421a tax abatement. Minuses: Once purchased, there's the little matter of finding some money to complete the darn thing. Then again, we suppose a buyer could just finish the first floor and enjoy a nice starchitect-designed single-family home. The listing appears on Cornerstone's website with a $19M price tag, so perhaps there's some room for negotiation. Sleepy Hudson's Leo Tsimmer, currently on vacation, has declined comment for now. According to StreetEasy, seven listings are currently in contract.
· Five Franklin Place coverage [Curbed]
· Five Franklin Place [Official Site]

Copyright © 2008 Curbed

—Joey

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