JLL said affiliates of Apollo provided the construction loan to a joint venture including Broad Street Development and TPG Angelo Gordon for 139 Franklin St. in Tribeca’s landmarked, historic district.

The 56,384-square-foot, 10-story structure had housed a 74-unit self-storage facility owned and run by the Sofa family.

According to JLL, the project will be the first residential conversion in Tribeca following the city’s introduction of the 467m tax incentives.

That legislation, JLL said, fueled 63 Manhattan office conversions, including 20 Exchange Place, 20 Broad St., One Wall St. and 180 Water St., all in Downtown.

The Landmarks Preservation Commission on Jan. 6 approved the project in the Tribeca West North Historic District, clearing the way for the conversion.

It’s the latest collaboration between Broad Street Development and Rawlings, who also worked together on 215 Sullivan St. and 40 Bleecker St.

JLL said “with little to no underutilized office stock,” most Tribeca buildings are either historic or were converted into residential lofts decades ago.

The company added that construction is “designed to capitalize on strong demand in one of Manhattan’s most sought-after residential neighborhoods.”

Broad Street Development Principal Raymond Chalmè added that the goal is to “create one of Tribeca’s most distinctive boutique residential offerings.”

Founded in 2004 by Chalmè and Daniel Blanco, Broad Street Development specializes in “acquiring, repositioning, converting and developing” office and multi-family buildings.

“We believe this asset represents a standout residential conversion opportunity,” Blanco, Broad Street Development COO and principal, said after the acquisition, “and we’re looking forward to seeing our vision for its future come to life.”

The company called the structure “a classic Tribeca loft building” where the new design “embraces the neighborhood’s historic industrial character while offering modern layouts and finishes tailored to discerning renters.”

Designed by Maynicke & Franke and built in 1909 as a warehouse, the building was the former home of Strohmeyer & Are. Co., a food importer, according to the proposal made to the Landmarks Preservation Commission.

The structure, with tall ceilings and “an abundance of neutral light” would be ”re-imagined” in a “unique synthesis of the city’s history and future,” according to Rawlings Architects in the LPC proposal.

JLL Capital Markets’ Debt Advisory Senior Managing Directors Michael Gigliotti, who worked with managing director Aaron Niedermayer, called this a “compelling conversion play in Tribeca, where demand for boutique, high-quality residences continues to outpace new supply.”

With interior design by Ryan Korban, the project team also included TyLin for structural engineering, PVEDI for facade repair and restoration, Myers + Engineers for engineering and Ancora for shoring and geo-technical engineering.

Others such as JLL Capital Markets’ Brendan Maddigan, who helped arrange the sale, talked about the neighborhood as attractive to residents. 

“Broad Street Development recognized the property’s exceptional potential given Tribeca’s status as a top submarket for multi-family development in New York City,” Maddigan said after the sale.

The building, which will have three to five-bedroom condominiums at Franklin and Varick Streets, is in the P.S. 234 school district, near the Battery Park City Ball Fields, Pier 25, and the Hudson River Park waterfront.

Broad Street Development residential projects in the environs include the 40 Bleecker condominium in NoHo and 215 Sullivan Street in Greenwich Village. 

The company also is converting the historic Maritime Exchange Building at 80 Broad Street into 326 luxury rental residences, including affordable housing, through New York City’s 467-m office-to-residential conversion program.