Tribeca is about to swap steering wheels for stone countertops. Alchemy Properties has closed on a five-story parking garage at 56–60 North Moore Street, paying about $57 million for the site and moving ahead with plans to turn it into ultra-luxury condominiums. The underused garage between Hudson and Greenwich streets is set to be expanded upward, and the developer says each new residence will come with its own private parking.
Deal and proposal
According to the New York Business Journal, Alchemy paid roughly $57 million for the property and has proposed converting the existing structure into a nine-unit building with two additional floors on top. The outlet notes the site, listed under the addresses 56–60 North Moore Street, had been marketed earlier this year at a higher asking price, a sign that developers are still willing to pay up for properties they can flip into high-end housing.
Plans, permits and partners
The lot’s footprint comes in at roughly 8,850 square feet, and Alchemy bought the building from the Calicchio family, Commercial Observer reports. The developer is teaming with Daishin America and Takamatsu Construction Group USA on a conversion described as “ultra-luxury,” with the city’s Landmarks Preservation Commission already signing off on a rooftop addition. A late-April filing with the New York City Department of Buildings referenced in the story indicates the project could ultimately deliver as many as 11 condominium units and more than 63,000 square feet of interior space once that rooftop addition is built out.
History of the site
Local coverage going back to March traces the building’s history to 1914 and notes that redevelopment ideas have circulated for years. Tribeca Citizen reported the property was listed with Serhant earlier this year with a $75 million price tag. That piece also pointed to a fall 2020 approval for extra stories on a previous proposal and noted that architect Eran Chen of ODA had drawn earlier plans, meaning much of the conceptual work for a conversion was already on the table before Alchemy stepped in.
Why developers are buying
Brokers say the timing lines up with a renewed appetite for downtown residential deals. Commercial Observer reports that Manhattan logged its strongest quarter of investment sales since 2021 in the first quarter of 2026, momentum that is helping drive conversion plays in neighborhoods like Tribeca. If this project moves ahead as proposed, it would add a small batch of trophy-level condos to a market where multi-million-dollar closings are still a regular occurrence.
What’s next for the block
There is no public construction timeline yet, and final unit layouts have not been released, according to the New York Business Journal. Alchemy’s track record with landmark conversions, notably the Woolworth Tower Residences, drew national coverage in 2018 and will likely influence preservation and design debates as plans move through the process, per The Real Deal. We will be keeping an eye on Department of Buildings filings and local approvals as the North Moore transformation inches forward.
