Slate Property Group and Avenue Realty Capital (ARC) have teamed up to acquire a residential building in Manhattan’s Tribeca neighborhood for $30 million, Commercial Observer has learned.

The partnership purchased the six-story retail and residential building at 81 Franklin Street from the entity Franklin 81 Holdings, which had owned the property since 2000, property records show. The Moezinia family is tied to the seller entity.

The 32,700-square-foot building between Broadway and Church Street comprises 11 loft-style apartments with layouts ranging from one to four bedrooms, as well as 2,500 square feet of retail space on the ground floor, according to Slate. Lighting store Allied Maker currently occupies the retail unit.

JLL’s Guthrie Garvin brokered the deal for the seller, while the buyers were represented in-house. The acquisition was financed by White Oak Real Estate Capital.

“We are always seeking strategically located residential properties in New York’s most sought-after neighborhoods, and we’re thrilled to expand our portfolio of high-quality assets with the addition of 81 Franklin, located in the heart of Tribeca,” Martin Nussbaum, co-founder and principal at Slate, said in a statement. “This property offers a rare combination of timeless architectural appeal and premier interior finishes.”

Spokespeople for JLL and White Oak did not immediately respond to requests for comment, while a spokesperson for the seller could not be reached for comment.

Built around 1860, the Tribeca property was originally constructed as an office building before being converted to residential use in 2013, according to Slate. The property is part of the Tribeca East Historic District.

“Tribeca continues to be one of the most resilient and supply-constrained residential markets in New York City, with sustained demand from families and professionals who value its character, amenities, and quality of life,” Udi Kore, managing principal at ARC, said in a statement.

“The acquisition of 81 Franklin fits squarely within Avenue’s strategy of investing in high-quality, well-located multifamily assets in prime neighborhoods with strong long-term fundamentals,” Kore added.

Slate and ARC have partnered on several other residential projects in the city, including the Welz at 159 Boerum Street in Williamsburg, Brooklyn, and the Dutch House at 37-05 30th Street in Long Island City, Queens.