Tribeca Pharmacy Site to Become Nine-Story Building
The former retail property will house five new residential units following an $18 million sale.
Updated on Oct. 30, 2026 in Commercial
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Developers have filed plans to demolish the former Tribeca Pharmacy building at 17-23 Avenue of the Americas to make way for a nine-story residential complex. The project replaces a long-standing local property that sold for $18 million in early 2025.
Why it matters
The redevelopment marks the final transition for a prominent local site that previously housed the Tribeca Pharmacy and Tribeca Park Cafe. The shift from commercial retail use to a small-scale residential building highlights the ongoing evolution of housing density in Tribeca.
The property at 17-23 Avenue of the Americas sold for $18 million in January 2025. Developers now plan to replace the existing structure with a 135-foot, nine-story building containing just five residential units.
The players
Sumaida + Khurana
The lead development firm responsible for the construction and demolition plans at the Tribeca site.
Peter Matera
The former proprietor associated with the Tribeca Pharmacy property who died in 2023.
The details
Sumaida + Khurana are leading the redevelopment of the 24,000-square-foot site. While the building will span nine stories, the current plans designate only 53 square feet for commercial use, effectively converting the space from a neighborhood retail anchor into a boutique residential asset. The site remains vacant following the closure of Tribeca Pharmacy in early 2024 and Tribeca Park Cafe in August 2025.
Timeline
Tribeca Pharmacy closed in January 2024.
Peter Matera died in 2023.
The building sold for $18 million in January 2025.
Tribeca Park Cafe closed in August 2025.
Money Landscape
The project reflects the broader shift in Manhattan real estate where aging commercial storefronts are repurposed for residential use. This continues the trend of converting prime neighborhood retail locations into low-density, high-value luxury living units.
Local residents and potential buyers should monitor how this project influences local housing inventory and nearby commercial options. With the conversion of significant retail space into only five units, the move emphasizes the tightening availability of accessible neighborhood amenities.
The takeaway
The redevelopment of the Tribeca Pharmacy site signifies a permanent change for local neighborhood commerce. Interested parties can monitor municipal building filings for future status updates on the construction timeline.
Further reading
For more on market trends, visit our Commercial section.
Source note: This article includes information reported by Tribeca Citizen.
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Do you think replacing long-standing local businesses with new luxury residential units improves your neighborhood?
