On a Tuesday in late April, Kenneth Horn signed a $57 million wire transfer for a vacant five-story parking garage at 60 North Moore Street in Tribeca. The seller: the Calicchio family, which had held the 8,850-square-foot site since the 1980s. The price: a 24% discount from the $75 million ask, per a Serhant listing.
Horn is president and founder of Alchemy Properties, the firm that converted the upper floors of the Woolworth Building into luxury condos in 2018. That project established Alchemy as a boutique developer capable of executing high-end conversions in landmarked structures. Now Horn is betting on Tribeca's residential depth.
Alchemy bought the site with partners Daishin America and Takamatsu Construction Group USA. The trio plans to add two floors atop the existing garage, creating seven total floors with more than 63,000 square feet of buildable interior space. The New York City Landmarks Preservation Commission has already approved the addition.
The project will yield up to 11 ultra-luxury condo units, each with private parking, plus roughly 2,000 square feet of commercial space. Estimated construction cost: $15.4 million, per a late April Department of Buildings filing. That pencils to roughly $1.4 million per unit in hard costs alone, excluding land and soft costs.
Avison Young's Charles Kingsley, James Nelson, Erik Edeen, Eric Karmitz and Noah Kossoff brokered the deal for the seller. Kingsley called it a yearlong effort to reposition an underutilized asset. The pricing, he said, reflects demand for ultra-luxury housing and growing investor confidence as the Manhattan market gains momentum.
The sale comes after Manhattan's strongest quarter of investment sales since 2021. First-quarter 2026 asset deals totaled $3.7 billion across 92 transactions, per Avison Young's own report. That volume signals that institutional and family office capital is rotating back into New York City real estate after a two-year rate-driven pause.
Alchemy's bet is not without risk. The $57 million land cost implies a per-buildable-square-foot basis of roughly $900 before construction. With $15.4 million in hard costs and typical soft costs, financing, and developer margin, the all-in cost could exceed $1,200 per square foot. That requires condo pricing north of $3,000 per foot to generate acceptable returns.
Tribeca luxury condos have traded at $2,500 to $4,000 per foot in recent years, per StreetEasy and appraisal data. But the market has thinned as interest rates remain elevated and jumbo mortgage costs hover near 7%. Alchemy is betting that the ultra-wealthy buyer pool—often paying cash—will absorb 11 units at those levels.
The Calicchio family's decision to sell after 40 years of ownership is instructive. Parking garages in prime Manhattan locations have seen values compress as the city pushes toward transit-oriented development and electric vehicle infrastructure. The family monetized at a price that, while discounted from the ask, still represents a substantial gain on a decades-old basis.
For Alchemy, the deal is a test of the luxury condo thesis in a post-rate-hike environment. The Woolworth conversion succeeded in a different cycle—low rates, strong demand, limited supply. This time, the firm is buying at a discount, partnering with Japanese capital, and building a small, targeted product. That is a prudent structure for a market that rewards patience over leverage.
The 60 North Moore Street project will take 24 to 36 months to deliver. By then, the Fed's rate path will be clearer, and the luxury buyer pool will have revealed its depth. Horn is betting that Tribeca's scarcity value and the project's private-parking amenity will command a premium. The Calicchio family's 40-year hold suggests that patient capital in Manhattan real estate still wins.