Developers Plan New Nine-Story Tribeca Residential Building

Construction and demolition filings reveal plans for a new residential development at a former pharmacy site.

Updated on Oct. 30, 2026 in Commercial

Bold vector editorial illustration of a modern nine-story residential apartment building model in coral and teal. — Developers Sumaida + Khurana have filed plans to replace the former Tribeca Pharmacy site with a new nine-story residential building in New York City. AI Illustration. Upload story photo >

Live Poll

Do you think replacing long-standing local businesses with new luxury residential units improves your neighborhood?

Developers have filed construction and demolition plans to replace the former Tribeca Pharmacy building with a nine-story residential property. The new project will feature five residential units and reach a height of 135 feet.

Why it matters

The redevelopment marks a significant change for the property located at 17-23 Avenue of the Americas following the closures of longstanding local businesses.

The property at 17-23 Avenue of the Americas sold for $18 million in January 2025. The planned development spans 24,000 square feet, with only 53 square feet officially allocated for commercial use.

The players

Sumaida + Khurana

This firm serves as the lead developer for the residential project at 17-23 Avenue of the Americas.

Peter Matera

He was a figure associated with the property prior to his death in 2023.

The details

Lead developer Sumaida + Khurana is behind the project which occupies the site formerly housing the Tribeca Pharmacy and Tribeca Park Cafe. The transition reflects the ongoing redevelopment of the Tribeca neighborhood.

Peter Matera died in 2023.
Tribeca Pharmacy closed in January 2024.
The property sold for $18 million in January 2025.
Tribeca Park Cafe closed in August 2025.

Culture Shift

The project follows the broader trend of converting established neighborhood commercial sites into luxury residential housing in New York City. This shift reflects the evolving density of the Tribeca historic district as legacy retail spaces transition to high-value dwellings.

Residents should expect increased construction activity and potential noise disruptions at 17-23 Avenue of the Americas as the project proceeds. The loss of the former commercial space reduces available storefront options for the immediate neighborhood.

The takeaway

Large-scale residential projects often prioritize private housing units over local commercial utility in densely populated areas. Readers should monitor upcoming zoning hearings if they wish to influence the future distribution of retail space in the neighborhood.