Avison Young arranges sale of vacant parking garage for $57 million

Manhattan, NY Avison Young arranged the sale of an 8,850 s/f site located at 60 North Moore St. in Tribeca for $57 million. The lot, which has over 100-ft.of frontage between Hudson and Greenwich Sts., hosts a vacant five-story car garage with city-approved plans for two additional floors totaling over 63,000 s/f 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 79^th St. 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.