[IMGCAP(2)]As GlobeSt.com previously reported, Sleepy Hudson received a $28.3-million senior bridge loan from Canyon Capital Realty Advisors, which was used to acquire the two adjacent parcels of land totaling 7,500 sf in Tribeca that the building will sit on.

Project occupancy is scheduled for late 2009. Five Franklin Place will be the developer's second Manhattan project. The team's first project was High Line 519, a luxury condo project at 519 West 23 St. in Chelsea. Although a source close to the developer tells GlobeSt.com that the developers have a policy of not releasing the construction of budget costs, they did say that the project is on time and on budget.

[IMGCAP(3)]Five Franklin Place will contain 55 homes. Black horizontal ribbons of metal will wrap the facades, twisting and torquing into functional elements—balconies, terraces, and sunshades—and framing views from within the building, according to a prepared statement. The homes will range in size from approximately 1,200 sf to approximately 3,400 sf, and will include one-, two-, three- and four-bedroom apartments configured as duplex lofts or single-level homes, as well as three duplex penthouses with interior elevators and rooftop terraces. Prices for the properties at Five Franklin Place will range from $2 million to $16 million. On the building's sub-grade will be a private fitness area featuring weight room, wet spa with mosaic tiled steam pavilion and sauna, pilates and yoga room, and other features. General contractor for the Five Franklin Place is Leeds United Construction LLC. Exclusive sales and marketing agent for the project is Corcoran Sunshine Marketing Group.