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Avison Young arranges sale of vacant Tribeca parking garage for $57M
Alchemy Properties to redevelop the property into a boutique ultra-luxury condominium with private, dedicated parking
New York, NY – Global real estate advisor Avison Young arranged the sale of an 8,850-square-foot (sf) site located at 60 North Moore Street in New York City’s Tribeca submarket for $57 million. The lot, which boasts over 100 feet of frontage between Hudson and Greenwich Streets, currently hosts a vacant five-story car garage with city-approved plans for two additional floors totaling over 63,000 sf of buildable interior space.
The buyer, Alchemy Properties, along with partners Daishin America and Takamatsu Construction Group USA, plans to conduct a gut renovation and convert the property into a boutique, ultra-luxury condominium with private, dedicated parking for each residence, which includes the Landmarks-approved addition of two floors. President and Founder of Alchemy Properties, Kenneth Horn, worked on behalf of Alchemy Properties.
Avison Young’s Charles Kingsley, James Nelson, Erik Edeen, Eric Karmitz and Noah Kossoff arranged the transaction on behalf of the seller, 56 N Moore LLC.
Notably, this disposition is one of many luxury residential conversion transactions that Avison Young’s Tri-State investment sales team has facilitated in Manhattan recently including 68-76 King St. for $63 million to Avdoo and East 79th Street and Lexington Avenue for $62.5 million to Closer Properties.
“This transaction is the result of a thoughtful, year-long effort to reposition an underutilized asset in one of New York City’s most sought-after residential neighborhoods,” said Kingsley. “The strong pricing achieved speaks directly to the depth of demand for ultra-luxury housing and reflects growing confidence among investors and developers as the Manhattan market continues to gain momentum.”
Property sales in Manhattan started off the year strong with 92 transactions totaling over $3.7 billion in the first quarter, marking the strongest three-month period since 2021 according to Avison Young’s Q1 Manhattan property sales report.
Avison Young is a global commercial real estate advisory firm that’s been committed to making great places for people since 1978. With more than 100 offices and 4,000+ real estate professionals worldwide, the firm combines global reach with market intelligence to help move the industry forward. Its expertise spans across all aspects of commercial real estate including office, industrial, retail, capital markets, multi-residential, hospitality, healthcare, life sciences, land and development, institutional, and a broad range of specialty practices to deliver customized solutions that meet clients’ needs.
Avison Young has achieved Canada's Best Managed Companies Platinum Club designation for 14 consecutive years, reflecting strong business performance and sustained growth.
About Alchemy Properties
Alchemy Properties is a privately held, fully integrated real estate development and investment firm based in New York City with over three-decades of experience delivering some of the most notable and beautiful residential projects in the U.S., including The Woolworth Tower Residences (Thierry Despont, Architect), 378 West End Avenue (CookFox Architects), Two Fifty West 81st Street (Robert A.M. Stern, Architect), and 35XV (FX Collaborative Architects). Alchemy Properties has traditionally partnered with blue chip institutional investment partners such as AEW Capital Management, BlackRock, Cain International, The Carlyle Group, Daishin Securities, ING Realty Partners, Jamestown Properties, Prudential Real Estate and TPG Angelo Gordon. Founded in 1990 and led by Kenneth S. Horn, the firm has delivered more than three million square feet of luxury condominium residences valued at over $6 billion.
Media Contact
Reilly Lockwood, Media Relations & Content Specialist, South Region: 508.808.1202