TPG Angelo Gordon, Broad Street pay $43.5M for storage in Tribeca, plan condos

TPG Angelo Gordon and Broad Street Development through the entity AG-BSD Franklin Street Owner, L.L.C. paid $43.5 million to Sofia Storage through the entity 139-141 Franklin St. Realty Corp. for the industrial building (E1) at 139 – 141st Franklin Street in Tribeca, Manhattan. The expected use is conversion.
The deal closed on July 15, 2025 and was recorded on July 24, 2025. The property has 56,384 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $771 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 Sofia Storage was Amy Sofia . The signatory for TPG Angelo Gordon and Broad Street Development was Doug Profenius . The contract date was March 19, 2025. The buyers plan a conversion to condominiums, they stated in a press release.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer TPG Angelo Gordon had purchased any other properties and sold two properties in two transactions for a total of $33.9 million over the past 24 months.
The seller Sofia Storage had not purchased any other properties and sold three properties in three transactions for a total of $100 million over the same time period.

The property

The industrial building in Tribeca has 56,384 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 53 feet and is 116 feet deep with a total lot size of 5,655 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 West Historic District. The city-designated market value for the property in 2022 is $10.8 million.

Violations and lawsuits

The property was involved in one lawsuit and one bankruptcy over the past two years. The suit was a $57 million money judgment concerning a partnership filed on October 25, 2024, by Estate of Frank Sofia against John Sofia, Leonard Sofia, and Amy Rosina Sofia. The bankruptcy was filed on January 22, 2025, by John Sofia, Leonard Sofia, and Amy Rosina Sofia citing assets of $57 million. In addition, according to city public data, the property has received $1,650 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 1.5 times the average sales volume among other neighborhoods with $405.7 million in sales volume in the last two years and is the 22nd highest in Manhattan. For development, Tribeca has 1.8 times the average amount of major developments relative to other neighborhoods and is the 13th 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 four of the eight commercial properties representing 143,114 square feet of the 187,543 square feet. The largest owner is Epic, followed by Sofia Storage and then Edison Properties.
There are no active new building construction projects on this tax block.

The majority, or 41 percent of the 187,543 square feet of built space are mixed-use buildings, with industrial buildings next occupying 30 percent of the space.

The seller

The PincusCo database currently indicates that Sofia Storage owned at least one commercial property in New York City with 56,384 square feet and a city-determined market value of $9.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Broad Street Development owned at least three commercial properties with 62 residential units in New York City with 632,937 square feet and a city-determined market value of $161.5 million. (Market value is typically about 50% of actual value.) The portfolio has $24.9 million in debt, with top three lenders as Deutsche Pfandbriefbank, Signature Bank, and Broadview Capital respectively. Within the portfolio, the bulk, or 96 percent of the 632,937 square feet of built space are office properties, with N2 properties next occupying 4 percent of the space. The bulk, or 96 percent of the built space, is in Manhattan, with Brooklyn next at 4 percent of the space.

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