Tribeca’s 250 Church Street: A Glimpse into Downtown Manhattan’s Office-to-Residential Shift
Plans have been submitted to transform the former city office building at 250 Church Street, now known as 101 Franklin, into a 21-story residential building with 117 units. This project isn’t just about one building; it’s a microcosm of a larger trend reshaping Downtown Manhattan – the conversion of underutilized office spaces into much-needed housing.
The Changing Face of Downtown Office Buildings
The proposed development at 101 Franklin, spearheaded by TPG, Skylight Real Estate Partners and Cannon Hill Capital Partners, highlights a growing pattern. The building, originally constructed in 1948 and previously home to the New York City Human Resources Administration and Department of Social Services, was sold in 2019. Since then, it has remained largely vacant. The current plan requires a zoning change to accommodate both the increased height – rising 107 feet above the existing structure – and the residential conversion, including 15 accessory, self-automated parking spaces.
This isn’t the first attempt to reimagine the space. Previous proposals included office renovations and even a boutique office redevelopment, but neither came to fruition. The current owners acquired the property for $96.5 million in June 2024, and a discounted trade of $100 million was agreed upon in 2025, reflecting a significant discount from the $205.5 million paid in 2019.
The “City of Yes” and Fast-Tracked Housing
The developers are potentially leveraging the new “City of Yes” rules passed in 2024, specifically the “Green Fast Track” for housing. The number of units – currently proposed as either 72 or 117 – could influence whether the project qualifies for expedited approval. A higher unit count, potentially reaching 117, could allow for larger units, around 2000 square feet each.
Design and Community Impact
The proposed building will feature a design that steps back from the street, with the northern portion rising to 11 stories and the southern portion to 15 before reaching the full 21-story height. A larger courtyard is planned to enhance light and air flow for the bedrooms. The proposal includes 2600 square feet of retail space. All units will be market-rate.
The plans will be presented to Community Board 1’s Land Leverage committee on March 9, 2026. If the proposal is rejected, the owners will proceed with renovating the building into a Class A commercial office space with ground floor retail, with completion anticipated before 2029.
Why This Matters: A Broader Trend
The transformation of 101 Franklin is part of a larger movement in Downtown Manhattan. High apartment rents – reaching a median of $4,100 in Q1 2024 – are driving developers to explore residential conversions. This trend is fueled by a desire to revitalize the downtown core and address the city’s housing shortage.
Did you know? The building sits just outside the boundaries of both the Tribeca East and Tribeca West historic districts, offering developers more flexibility in design and construction.
FAQ
Q: What is the current status of the 101 Franklin project?
A: Plans have been submitted to City Planning and will be reviewed by Community Board 1 on March 9, 2026.
Q: What will happen if the residential proposal is rejected?
A: The building will be renovated as a Class A commercial office space with ground floor retail.
Q: Who are the developers involved in the project?
A: The project is led by TPG, in a joint venture with Skylight Real Estate Partners and Cannon Hill Capital Partners.
Q: How many units are planned for the building?
A: The proposal suggests either 72 or 117 dwelling units.
Pro Tip: Preserve an eye on Community Board 1 meetings for updates on this and other development projects in the area.
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