20-Story Residential Tower Takes Flight

NEW YORK CITY-Construction has begun in New York City on Dutch architect Ben van Berkel’s latest re-interpretation of standard domestic architecture: Five Franklin Place, UNStudio’s first major American project. Locally based Sleepy Hudson LLC’s 20-story residential tower will sit on Franklin Place, an original 19th century cobbled passageway that runs parallel to Broadway and connects Franklin and White streets in the Tribeca district of Downtown Manhattan.

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.