Tribeca parking garage hits market for $88M

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

New York /
May.May 07, 2015 11:00 AM

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.”


Related Articles

arrow_forward_ios
34 Desbrosses Street and Related CEO Jeff Blau (StreetEasy, Getty)
Related scores $258M Blackstone loan for luxury Tribeca apartment building
Related scores $258M Blackstone loan for luxury Tribeca apartment building
56 Leonard Street (56 Leonard Tribeca and StreetEasy)
$50M penthouse at 56 Leonard Street goes into contract
$50M penthouse at 56 Leonard Street goes into contract
Isabel Rose, 90 Franklin Street and Scott Yedid (Getty, Compass, Cerberus)
Rose Associates heiress sells $10M Tribeca condo to distressed mortgage trader
Rose Associates heiress sells $10M Tribeca condo to distressed mortgage trader
The share of vacant sublease space in the total vacancy was 16.5 percent, the highest since 2005. (iStock)
Office vacancy rate in New Jersey nears 19%
Office vacancy rate in New Jersey nears 19%
Lawrence Omansky and 160 Chambers Street (Facebook, Google Maps)
A Tribeca co-op’s odd struggle with the man who created it
A Tribeca co-op’s odd struggle with the man who created it
14 Vesey Street, 1123 Avenue J in Brooklyn, and Jeff Sutton of Wharton Properties (Americasroof/Wikipedia, Google Maps, Wharton)
Jeff Sutton unloads Midwood commercial building
Jeff Sutton unloads Midwood commercial building
Rudin Management’s Michael Rudin and Industrious’ Justin Stewart with 32 Sixth Avenue in Tribeca (Rudin, Industrious, Google Maps)
Rudin teams up with Industrious for flex-office play
Rudin teams up with Industrious for flex-office play
38 Warren Street and CVS CEO Karen S. Lynch (Google Maps, CVS)
CVS signs lease in Tribeca’s Keystone Building
CVS signs lease in Tribeca’s Keystone Building
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...