The Real Deal New York

Tribeca parking garage hits market for $88M

Calicchio family's property offers 44,000 square feet of air rights

May 07, 2015 11:00AM
By Claire Moses

56 N. Moore Street in Tribeca and Avison Young's Jon Epstein

56 N. Moore Street in Tribeca and Avison Young’s Jon Epstein

The Calicchio family, private Tribeca-based investors, is hoping to score $88 million for a five-story parking garage that is ripe for a potential luxury residential conversion, The Real Deal has learned.

The 41,000-square-foot garage at 56 North Moore Street, between Greenwich and Hudson streets, in Tribeca will be delivered vacant. The property offers 44,000 square feet of existing development rights. The price would equate to roughly $2,000 per square foot.

The Calicchio family have owned the property since 1983, property records show.

Avison Young’s Charles Kingsley, Jon Epstein, Vincent Carrega, Neil Helman and Jason Meister are marketing the property.

Kingsley said that he expects “record-breaking offers.” The property, he added, “offers an extremely unique opportunity for investors.”

Long-time Tribeca owners have been selling their sites for skyrocketing prices. Last summer, a development site on Broadway between Leonard and Franklin streets traded for $73 million, or $550 per buildable square foot.

At nearby 71 Franklin Street, Compass is trying to sell Downtown’s most expensive townhouse ever for $65 million. Condos in the area have been sold for more than $4,000 per square foot. Down the street from the garage, financier Mark Zittman listed his 11,300-square-foot mansion, at 2 North Moore Street, for $48 million in December.

The property at 56 North Moore has 100 feet of frontage, offering the option of splitting it up vertically and creating townhouses on the site.

“Elite developers in the city will be interested,” Epstein told TRD. “North Moore is a premier address in New York City.”

Living on the Upper East Side no longer epitomizes a successful New Yorker, Epstein added. But, he said, “having the big loft Downtown does.”