May 30th, 2025 – A new architectural gem is taking shape on one of Tribeca’s most storied corners. Urban Capital Group and Prosper Property Group have finalized the acquisition of 32 and 34 Walker Street, setting the stage for an exclusive boutique condominium development that will bring five expansive full-floor lofts and ground-floor retail to the market. Backed by a $32 million acquisition and construction loan from Kriss Capital, the 30,000-square-foot project promises to blend historic authenticity with contemporary refinement—an approach perfectly suited to Tribeca’s unique character.
With construction now underway and completion anticipated in Q2 2026, the development is already generating interest among discerning buyers seeking rarity and sophistication in Manhattan real estate.
Situated in the Tribeca East Historic District, 34 Walker Street, a landmarked 19th-century cast-iron textile warehouse, will be meticulously preserved and integrated with a new limestone-clad structure at 32 Walker Street. The development has secured approval from the Landmarks Preservation Commission, a distinction that reflects both architectural sensitivity and community engagement.
The design, led by SOMA in collaboration with Turett Collaborative, strikes a thoughtful balance between past and present. Original cast-iron elements will be restored, while new construction will complement the existing structure through proportion, texture, and tone. The general contractor, First Standard Construction, is now mobilized on-site.
“We studied the neighborhood and collaborated closely with our architectural team, our historic consultant Higgins Quasebarth, and the Landmarks staff to craft a design and asset that embodies modern Manhattan living while honoring Tribeca’s rich history.”Cedric Abboud, Principal at Urban Capital Group
“Securing an LPC approval with strong support by the Community Board is a testament to our team’s dedication to thoughtful, contextual development and embracing its surroundings.”
The project will rise seven stories and feature five residences—three- and four-bedroom full-floor homes with ceiling heights ranging from 12 to 16 feet. Each unit is thoughtfully planned to evoke the spaciousness and character of classic Tribeca lofts while introducing elevated finishes and amenitized layouts that cater to today’s luxury buyer.
Natural light is prioritized throughout, with expansive windows and open floorplans enhancing the sense of air and scale. At the penthouse level, a stunning duplex residence will crown the project, offering a singular experience of privacy and architectural prominence.
“Addressing the design and engineering challenges of this site has resulted in a truly exceptional residential offering that enhances Tribeca’s iconic streetscape.”Damien Smith, Founder and CEO of Prosper Property Group
The transaction and development were financed through a $32 million loan arranged by Andy Iadeluca, Principal of New Development Capital. Peter Zaitzeff, New Development Sales Director at SERHANT. New Development, will lead exclusive sales and marketing for the property.
“Our goal from the start was to acquire both sites at 32 and 34 Walker Street and seamlessly merge old and new.”Eddie Bender, Principal and CFO at Prosper Property Group
That vision is now coming to life. As construction progresses, the project offers a rare opportunity to acquire a true loft residence in a historic building reimagined for the modern age—right in the cultural and architectural heart of downtown Manhattan.