With Tribeca's
sales market reporting a 19% increase in inventory and a 14% drop in listing prices since January, developers may turn their attention to office developments for a higher return on their investments. While COVID-19 has sent the city's commercial market reeling as fears that the work-from-home situation is here to stay, custom-built, Class-A boutique offices have outperformed their oversized counterparts, especially in trendy downtown neighborhoods.
At 56 North Moore Street, Metro Loft is proposing to convert a five-floor parking garage structure into a seven-story office building. The mid-block site, with 100 feet of Belgian-block street frontage, is within the Tribeca West Historic District and cobblestone's throw away from the global headquarters of Citigroup and Robert de Niro's Downtown Hotel.
At 56 North Moore Street, Metro Loft is proposing to convert a five-floor parking garage structure into a seven-story office building. The mid-block site, with 100 feet of Belgian-block street frontage, is within the Tribeca West Historic District and cobblestone's throw away from the global headquarters of Citigroup and Robert de Niro's Downtown Hotel.
According to The Real Deal, the existing 41,000-square-foot garage has 44,000 square feet of additional development rights. City records show The Calicchio family has owned the building since 1983. The property was put on the market for $88 million in 2015, but no deed transfers have since been recorded.
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The design and scale of the two-floor glass-enclosed addition, as well as changes to the garage's fenestration and ground floor, will be reviewed by the Landmarks Preservation Commission this coming Tuesday. A pre-filed building permit
show Metro Loft is steering the retrofit. The firm has successfully converted more than 3 million square feet of commercial space to residential, with a specialty for downtown buildings.
The setback addition, designed by ODA Architecture will raise the building's height from approximately 80 feet to 127 feet to its rooftop bulkhead. From a distance, the new floors and bulkhead will be visible from street level, which may be a sticking point for the nitpicky commission. As most high-end rehabilitations have done, the venture will provide tenants with outdoor space opportunities, large flexible floors, and high ceilings. More details on the plan are sure to follow the LPC hearing.
The setback addition, designed by ODA Architecture will raise the building's height from approximately 80 feet to 127 feet to its rooftop bulkhead. From a distance, the new floors and bulkhead will be visible from street level, which may be a sticking point for the nitpicky commission. As most high-end rehabilitations have done, the venture will provide tenants with outdoor space opportunities, large flexible floors, and high ceilings. More details on the plan are sure to follow the LPC hearing.
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