Tribeca Pharmacy Building to Become Residential Tower
The former retail site at 17-23 Avenue of the Americas will be demolished to make room for five new residential units.
Updated on Oct. 30, 2026 in Commercial
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Developers have filed plans to demolish the former Tribeca Pharmacy building to make way for a new nine-story residential project in Tribeca. The site at 17-23 Avenue of the Americas will be replaced by a 24,000-square-foot building featuring five new residential units.
Why it matters
The site's redevelopment follows its $18 million sale in early 2025 and the closure of neighborhood staples including Tribeca Pharmacy and Tribeca Park Cafe. This transition marks a significant shift in the area's local housing inventory and street-level commercial presence.
The property at 17-23 Avenue of the Americas sold for $18 million in January 2025. The new development is slated to reach nine stories with just 53 square feet of space allocated for commercial use.
The players
Sumaida + Khurana
An architecture-focused real estate development firm known for high-end residential projects in New York City.
The details
Lead developers Sumaida + Khurana are moving forward with plans that fundamentally alter the footprint of the former pharmacy lot. The process involves clearing the existing structure to accommodate a 135-foot-tall building designed for residential living. Given the scale of the demolition and the density of the Tribeca neighborhood, homeowners in the immediate vicinity should expect typical urban construction logistics and staging.
Timeline
2023: Peter Matera died.
January 2024: Tribeca Pharmacy closed.
January 2025: The building sold for $18 million.
August 2025: Tribeca Park Cafe closed.
The Home Front
This project continues the trend of repurposing established neighborhood storefronts into boutique residential housing in Tribeca. The shift reflects broader pressures on commercial zoning in historic districts where residential demand often outweighs long-term retail occupancy.
Residents living near 17-23 Avenue of the Americas should monitor local community board meetings for updates on street access and potential construction noise schedules. Property owners nearby may want to document the current state of their own building facades before heavy demolition begins.
The takeaway
The transformation of this corner reflects the rapid conversion of neighborhood-level commercial sites into high-density residential housing. Neighbors can track the project status through the Department of Buildings permit portal to anticipate localized impacts from the demolition process.
Further reading
For more updates on development in the area, check out New York City Commercial.
Source note: This article includes information reported by Tribeca Citizen.
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