Alchemy Properties has paid $57 million for a vacant five-story parking garage in Tribeca, acquiring the 8,850-square-foot site at 60 North Moore Street from the Calicchio family. The sellers have held the property since the 1980s.
The deal signals renewed developer interest in Tribeca's underutilized parking assets as Manhattan shifts toward mixed-use development. Alchemy Properties typically pursues conversion and redevelopment opportunities in prime neighborhoods, suggesting plans to demolish or repurpose the structure rather than maintain it as a parking facility.
For the neighborhood, this transaction reflects tightening land availability in lower Manhattan's most expensive markets. Tribeca's pricing has climbed to $2,000+ per square foot for residential conversions, making older single-use facilities increasingly untenable. Developers see these parcels as conversion candidates for residential, office, or hospitality uses.
The $57 million price tag translates to roughly $6,400 per square foot of land, steep even by Tribeca standards but justified for a site with development upside. The vacant status of the garage likely accelerated the sale, as operational parking facilities attract buyer pools limited to parking operators and REITs. An empty structure removes those constraints and opens the property to larger development plays.
For current Tribeca residents and businesses, parking availability could tighten further. The neighborhood already faces chronic undersupply, forcing many to rely on commercial lots and street parking. If Alchemy converts the site to residential or office, displacement of existing parking demand will strain nearby alternatives.
For investors, Alchemy's play bets on Manhattan's continued gentrification and residential demand in sub-$3 million units. Tribeca consistently commands premium pricing. Construction costs in the neighborhood run high, typically $800 to $1,200 per square