NEW YORK, NY - Urban Capital Group and Prosper Property Group have completed the acquisition of 34 Walker Street, finalizing the assemblage of 32 and 34 Walker Street into a premier corner 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 Street 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.
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 expansive 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.”
“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.
“Addressing the design and engineering challenges of this site has resulted in a truly exceptional residential offering that enhances Tribeca’s iconic streetscape,” said Damien Smith, Founder, Principal, and CEO, Prosper Property Group.
The collection will feature full-floor loft residences and a stunning duplex penthouse, catering to discerning buyers seeking architectural distinction and exclusivity in Manhattan’s luxury market. Construction started, with completion expected in Q2 2026.
Exclusive sales and marketing for 32 and 34 Walker Street will be managed by Peter Zaitzeff, New Development Sales Director, SERHANT. New Development: peter@serhant.com
The financing was arranged by Andy Iadeluca, Principal, New Development Capital.
About Urban Capital Group: Urban Capital Group is a vertically integrated real estate investment firm specializing in opportunistic projects in urban city centers. Based in New York City and founded by Cedric Abboud, the company focuses on generating maximum value of assets by strategically restructuring and developing properties with strong potential for growth and appreciation.
About Prosper Property Group: Founded by Damien Smith and Eddie Bender, Prosper Property Group is a full-service, vertically integrated real estate development firm specializing in luxury rentals and condominiums across Manhattan, Brooklyn, and Queens. The firm oversees every phase of the real estate process, including acquisitions, debt financing, investment sales, rental brokerage, development, asset management, and property management. With over $200 million in assets under management, Prosper’s portfolio includes a mix of residential properties, along with select office and retail spaces. Damien Smith brings extensive construction expertise to Prosper, having built and renovated more than 2,000 apartments and condominiums for developers through his contracting firm, First Standard Construction. Eddie Bender leads acquisitions, financing, accounting, and property management, for all Prosper’s development projects and stabilized assets.
About SERHANT. SERHANT. is a multidimensional real estate and media company revolutionizing the industry through its brokerage, digital education platform, and content production. Founded by Ryan Serhant in 2020, the firm offers specialized divisions, including SERHANT. Signature for high-net-worth clientele and SERHANT. New Development for marketing new construction projects. Learn more at SERHANT.com