Gross sales administrators behind two of the most popular downtown residential growth tasks in recent times have been tapped to attempt to recreate the magic at a new Tribeca condo project.
A Corcoran Sunshine crew led by Richard Hicks, a senior gross sales director with Corcoran Sunshine Advertising Group, and Tara King-Brown, an agent with Corcoran, will head gross sales at Skylight Actual Property Companions and Cannon Hill Capital Companions’ challenge at 101 Franklin.
Hicks beforehand labored as senior gross sales director at Witkoff Group and Entry Industries’ One Excessive Line, the place the gross sales crew was named Corcoran Sunshine’s gross sales crew of the yr in every of the final three years.
The crew has overseen a drastic turnaround on the challenge, which the builders purchased out of foreclosure for $900 million in 2021 after HFZ’s implosion left the event unfinished and unsold. Simply three years later, the challenge surpassed $1 billion in sales, together with a $47 million penthouse.
Previous to One Excessive Line, Hicks served because the gross sales director at 25 Park Row in the Financial District.
King-Brown most lately led gross sales at Aurora Capital Associates’ 140 Jane Street, which bought the vast majority of its 14 models off of flooring plans, and Madison Realty Capital’s 16 Fifth Avenue, which is nearly 75 p.c after launching gross sales over a yr in the past. At 140 Jane Road, King-Brown was a part of the gross sales crew behind a deal for a penthouse asking $88 million that’s in the running for the most expensive home bought in Downtown Manhattan.
The 72-unit challenge at 101 Franklin falls someplace in between the two-tower growth at One Excessive Line and the boutique buildings at 140 Jane and 16 Fifth Avenue.
The builders, together with TPG, picked up the location for roughly $100 million in 2024 from Columbia Property Belief, which paid more than double for the property 4 years prior.
Columbia had plans to show the vacant constructing right into a boutique workplace constructing with a contemporary curtain wall glass facade designed by Rafael Viñoly Architects, however they by no means took off because the workplace market screeched to a halt through the pandemic.
The brand new plans lean far nearer to Tribeca’s historic structure with a hand-laid brick facade and industrial home windows. The challenge’s structure is being designed by Steven Harris Architects and the interiors are being designed by Rees Roberts + Companions. Hill West Architects is the chief architect.
“It’s not a stylish fashionable constructing,” Hicks mentioned. “The character in Tribeca is so iconic, and 101 Franklin is actually reimagining that.”
The providing plan is predicted to be accredited within the subsequent month, however the constructing could have a mixture of two-, three-, four- and five-bedrooms. Fourteen of the models could have personal outside house.
The center of Tribeca has not seen a condominium of this scale in “almost a decade,” King-Brown mentioned. “That is filling a void that has been available in the market.”
The challenge is only a block from 56 Leonard, also called the “Jenga Tower,” which is arguably the final growth within the space of comparable scale, if not type. The ultra-modern tower scored quite a few expensive offers after launching gross sales in 2013 and included celeb patrons like singer Frank Ocean and comic Keegan-Michael Key.
King-Brown mentioned that 101 Franklin would have extra “industrial loft proportions,” whereas sustaining the views, mild and facilities that include bigger condominium buildings.
Luxurious patrons have been starved for brand spanking new growth stock within the final yr, and gross sales at newly launched tasks in fascinating areas have been sturdy, especially in the luxury segment.
Hicks mentioned he expects to quietly launch gross sales as soon as the challenge receives AG approval, given the quantity of inbound requests he says the gross sales crew has already obtained.
The challenge is predicted to be accomplished in 2028.
Learn extra
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Columbia Property Trust tees up Tribeca office-to-resi conversion
One High Line sales team leads Corcoran Sunshine awards
