By Roland Li
A seven-story residential building at 177 Franklin Street has been sold for $9 million, according to city records, and it is now on the market for $18 million.
The current owner is 177 Franklin Street Developments LLC, controlled by Michael Kirchmann of Praxis Development and Global Design Strategies, a company with offices in London and New York.
Kirchmann is exploring three development paths with the property: selling it to a high net worth individual, renovating the property for single family occupancy, or converting it into multiple condo units, with four and five bedrooms. The pre-war building, which was originally a warehouse, has already seen renovation work, and its façade adheres to the neighborhood’s historic district guidelines, overseen by the city’s Landmarks Preservation Commission.
“I think the real opportunity is in the single-family market,” said Kirchmann, citing the lack of such inventory in the Tribeca area. His firm could potentially renovate the property based on a buyer’s tastes, moving elements such as a media room, additional bathroom and swimming pool. The property also has a curb cut, and thus could house a garage.
By customizing the building specifically for a buyer’s tastes, Kirchmann hopes to avoid the fate of homes like the nearby 153 Franklin, a heavily renovated property that has been on the market for over a year, currently rented by Dominique Strauss-Kahn.
“We look at properties that have inherent problems in them, and go about solving those problems,” said Kirchmann, who also lectures at Columbia University.
Glad Tidings Tabernacle, a Christian church, was the seller. It had originally planned to install a large cross on the property. Glad Tidings purchased the building from Mount Home 177 Development LLC for $11.5 million in January 2008, according to city records. Officials at Glad Tidings weren’t available for comment.
Peter Comitini of Corcoran was a broker on the $9 million sale, and Maria Pashby and Joanna Pashby of Corcoran Group are the current listing agents.
“This is absolutely tradeable property,” said Maria Pashby, citing its location, high quality condition and size of 18,000 s/f, which is above the current zoning. “You would not be permitted to be built it today.”
She said that around 38 brokers have seen the property already, despite its short time on the market.
“It’s a historic, brand-new building,” said Pashby.
