NEW YORK CITY—A five-story parking garage in Tribeca that's said to be well suited to a luxury residential conversion has come on the market. Avison Younghas landed the agency for the site, at 56 N. Moore St.—a sought after street in the super hot, upscale neighborhood.
The property features approximately 44,000 square feet of existing development rights. In addition, the property's developable area could be expanded to 48,000 through transfer of development rights from an adjacent property. Avison Young principals Charles Kingsley, Jon Epstein, Vincent Carrega, and Neil Helman, along with VP Jason Meister, are managing the assignment on behalf of the seller, who could not be identified by press time.
“Due to the fact that very few buildings like this can be delivered vacant and redeveloped, 56 N. Moore Street offers an extremely unique opportunity for investors,” says Kingsley. “The property's unique positioning gives us confidence that it will garner record-breaking offers for the area.”
With a growing local trend of individuals acquiring large properties and converting them into sizable residential properties, the team expects to receive bids from high net-worth tech, finance and media professionals looking to settle down in the heart of Tribeca, Avison Young reports.
“In recent years, lower Manhattan areas like Tribeca have become the preferred residential neighborhood of many of the city's cultural elite,” says Epstein. “Affluent individuals are seeking out neighborhoods with unique character and are drawn to well-located centers of tech and media. Tribeca and the West Village are today's answer to the Upper East Side of yesteryear as top-tier residential neighborhoods.”
“With 100 feet of frontage on the exceedingly desirable N. Moore Street, we're anticipating intense investor interest in the property,” said Kingsley. “Based on the strength of market fundamentals and other area condominium offerings have been selling at over $4,000 psf, we expect to see a transaction that would be supported by apartment sales of at least that level.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
