The New York Capital Markets Group for Avison Young has been named the exclusive agent for the sale of 177 Franklin Street, a six-story with penthouse elevator building inthe Tribeca neighborhood in Lower Manhattan, currently serving as the flagship New York City location for Shinola, an American lifestyle brand specializing in watches, leather goods, bicycles and accessories.
An Avison Young team comprising Principals James Nelson and Charles Kingsley, alongside Associate DirectorEric Karmitz, will market the 12,100-square-foot asset on behalf of Bedrock, which owns Shinola, who currently occupies the entire building.
Situated on one of the remaining cobble-stone streets in Manhattan’s coveted Tribeca neighborhood, the building is currently used in its entirety as retail and office space butcan be easily converted into condominiums or a single-family house. Owner Shinola will also consider other options, including a lease-back transaction to a future ownership or vacating the property upon its sale.
“Securing this assignment speaks to the continued track record of success by our investment sales team,” comments Karmitz, Avison Young. “This is a unique investment opportunity in a sought-after downtown Manhattan location. Our experience combined with an extensive knowledge of this particular neighborhood will contribute strongly to the effective marketing of this premier property.”
The property rests on a stretch of Franklin Street that was declared part of the Tribeca West Historic District in 1991. The area maintains its historic charm while offering many modern and exclusive shops, restaurants, and hotels. The building was previously acquired as an unfinished shell by architecture, design, and real estate development firm GDSNY who designed, renovated, developed, and repositioned 177 Franklin to the highest standard, before selling to Shinola for their New York City’s flagship store.
The area offers easy access to the downtown waterfront and is within close proximity to the Hudson River Greenway,the Holland Tunnel, and several mass transit options including 1, 2, 3, A, C, and E subway lines. In addition, the property is within walking distance of other popular downtown neighborhoods including SoHo, the West Village and the Financial District.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,600 real estate professionals in 82 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.
