Skylight Real Estate, Cannon Hill pay $4.5M to Longfellow Properties for mixed-use in Tribeca

Skylight Real Estate Partners and Cannon Hill Capital Partners through the entity 103 Franklin 2025 Propco, LLC paid $4.5 million to Longfellow Properties through the entity Tribeca 103 LLC for the three-unit mixed-use building (S3) at 103 Franklin Street in Tribeca, Manhattan.
The deal closed on October 31, 2025 and was recorded on November 6, 2025. The property has 9,091 square feet of built space and 5,950 square feet of additional air rights for a total buildable of 15,050 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $494 and the price per buildable square foot is $299 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Longfellow Properties was Barbara Seril . The signatory for Skylight Real Estate Partners and Cannon Hill Capital Partners was Gavin Evans . The contract date was May 9, 2025. TPG Real Estate Partners, Skylight Real Estate Partners and Cannon Hill Capital Partners bought the adjacent 101 Franklin Street, where they are converting the building from an office to a residential condominium building.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Skylight Real Estate Partners had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Longfellow Properties had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Barbara Seril, head officer and David Vonhollweg, officer. The business entity is Tribeca 103 Llc.

The property

The mixed-use building with 3 residential units in Tribeca has 9,091 square feet of built space and 5,950 square feet of additional air rights for a total buildable of 15,050 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The lot is irregular. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The property is in the Tribeca East Historic District. The city-designated market value for the property in 2022 is $3.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $350 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Tribeca, The bulk, or 47 percent of the 15.3 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has 1.7 times the average sales volume among other neighborhoods with $490.9 million in sales volume in the last two years and is the 20th highest in Manhattan. For development, Tribeca has 1.7 times the average amount of major developments relative to other neighborhoods and is the 17th highest in Manhattan. It had 2.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 16 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the six commercial properties representing 202,000 square feet of the 281,902 square feet. The two identified owners are Tpg Real Estate Partners and Consolidated Edison.
There are no active new building construction projects on this tax block.

The majority, or 72 percent of the 281,902 square feet of built space are office buildings, with mixed-use buildings next occupying 16 percent of the space.

The buyer

The PincusCo database currently indicates that Skylight Real Estate Partners owned at least 19 commercial properties with 298 residential units in New York City with 271,914 square feet and a city-determined market value of $50.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 74 percent of the 271,914 square feet of built space are walkup properties, with elevator properties next occupying 26 percent of the space. The bulk, or 97 percent of the built space, is in Manhattan, with Brooklyn next at 3 percent of the space.
The PincusCo database currently indicates that Cannon Hill Capital Partners owned at least one commercial property in New York City with 142,400 square feet and a city-determined market value of $54.3 million. (Market value is typically about 50% of actual value.) The portfolio has $214.7 million in debt, borrowed from Deka Bank and TPG Real Estate Partners. The portfolio consists of at least a single retail property. It is located in Manhattan.

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