Urban Capital Group and Prosper Property Group have completed the acquisition of 34 Walker St., finalizing the assemblage of 32 and 34 Walker St. into a corner mixed-use development in Tribeca.
Backed by a $32 million acquisition and construction loan from Kriss Capital, the 30,000-square-foot project will introduce a boutique condominium featuring five luxury loft residences and ground-floor retail. The building is approved by the Landmarks Preservation Commission (LPC) and was designed to preserve and integrate the historic cast-iron textile warehouse at 34 Walker St. with a contextual and elegant new structure at 32 Walker Street. GRA Equities, led by Gary Romaniello and PZ Realty Investments, led by Peter Zuccarello, are partners on the project. The financing was arranged by Andy Iadeluca, principal, New Development Capital.
“Our goal from the start was to acquire both sites at 32 and 34 Walker Street and seamlessly merge old and new,” said Eddie Bender, principal and CFO, Prosper Property Group.
Designed by Soma, in collaboration with Turett Collaborative, the development will offer a modern, amenitized living experience while respecting Tribeca’s historic character. The existing historic façade will feature preserved cast iron elements alongside a new natural limestone façade, ensuring an elegant blend of heritage and contemporary design. The general contractor is First Standard Construction.
The project will rise seven stories, offering three- and four-bedroom full-floor residences spanning 3,500 square feet and more. Homes will feature 12- to 16-foot ceilings, abundant natural light and layouts designed to evoke true Tribeca loft living, a rarity for new developments in the historic district.
“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,” said Cedric Abboud, principal, 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. We are now on the ground and commencing work immediately.”
Project completion is expected in the second quarter of 2026.
