Recognizing Eastern Tribeca as New York City’s next up-and-coming luxury sub-market, Mr. Tsimmer identified the undervalued development site in 2007, located at Franklin Place, a narrow, cobbled lane, once known as Sugar Loaf Alley, at the heart of New York’s XIX century sugar trade. After acquisition of the property at a notable discount to offer, the team tackled a complex set of land use and entitlement issues, which included expansion of the zoning envelope onto the landmarked private alley and acquisition of air rights from several neighboring lots. These efforts resulted in 50% increase of the buildable envelope.

To commemorate the 400th Anniversary of the Dutch arrival to New York, Mr. Tsimmer approached a renowned Dutch architect, Ben can Berkel of UNStudio, asking to move away from an all-glass take on contemporary design, and to provide private elegant living accommodations.  Over 134,000 square feet of modernist luxury was developed with panoramic views of the Hudson River, East River and Manhattan skyline. The project was praised by the local community and media alike. In intensive collaboration with Contract Division of B&B Italia, one of Europe’s most admired design manufacturers, the team successfully delivered full design and construction documentation, market positioning and branding. After successful construction of underpinning, foundation and three new construction floors, the project was exited in 2009 to a foreign real estate fund. Today, Mr. Tsimmer is widely credited with revival of North Eastern Tribeca, which has seen over $1.5B in development following Franklin Place.

Five Franklin Place is a building that communicates a contemporary idea about the city and about living in it.

Ben van Berkel, UnStudio

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