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Robert Ripps book
History of Tribeca Buildings
56 North Moore for sale — again
I had heard a rumor that the former Issey Miyake building was for sale — and it seems that was in fact just a rumor. But that got me wondering about 56 North Moore, the former parking garage beside it that was cued up for a boutique commercial building just as covid started. It was then for sale the last time I checked in 2023, and now it is listed with a new agent — Serhant — for $75 million.
The building, built in 1914, is square in the Tribeca West Historic District (between Greenwich and Hudson) and is still currently a commercial building. It is currently five stories, but back in fall 2020, the city approved plans for three additional stories, giving it 75,000 square feet of buildable interior space.
The plans below were designed by Eran Chen of ODA, the architects who did 15 Renwick, 5 Franklin Place, The James Hotel and tons of others; it was to be called The Garage and would have restored the utilitarian brick façade, quirky parapet and huge wooden windows.
The building was last sold in 2019, though I couldn’t glean the price. It was listed in 2015 for $88 million.
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In 1978 that building was for sale for $550k.
Whats crazy is that’s only around 11% annual rate of return over 48 years.
Math major here letting you know that your accurately calculated 48-y compound annual return of 10.8% on the 2026 sale price vs. 1978 sale price is noticeably superior to the 9.3% compound annual return over the same period in the S&P 500 (https://www.macrotrends.net/2526/sp-500-historical-annual-returns).
Even if that S&P 500 return excludes reinvested dividends and management fees, the rate of return on the property will include garage rent (and avoided capital gains tax if they do a 1031 exchange) on the upside, and the eventual sales brokerage, maintenance, property taxes, on the downside etc.
Total property taxes paid here for the last 6 fiscal years exceeded the sum of $2 million, with little to no increase between 2021 and 2026.
The 2019 “sale” looks like a transfer among related parties, like the 2003 transfer, and not like an arms-length sale to a third party.