Prosper Property Group and Urban Capital Group Finalize $32M Luxury Residential Development

• Facade installation and historic restoration are progressing at 32-34 Walker St., New York, NY 10013, where a seven-story luxury residential building is nearing completion.
• The mixed-use development will deliver five luxury residences, ground-floor retail, and approximately 29,000 square feet of space.
• The project is being developed by Prosper Property Group and Urban Capital Group, with completion expected later this year.

What Is Being Built at 32 Walker Street

Construction is moving into its final stages at 32-34 Walker St., New York, NY 10013, where a new luxury residential development is transforming a longtime commercial property in Tribeca. The project replaces a former two-story restaurant space while preserving and restoring an adjacent 158-year-old landmarked cast-iron building, creating a blend of historic architecture and modern residential design. The seven-story mixed-use development will encompass approximately 29,000 square feet and feature five luxury loft-style residences, including one duplex home and four full-floor residences. The building will also include ground-floor retail space and a cellar level dedicated to back-of-house operations.

What the Design Includes

The project is designed by Turett Collaborative and SOMA, combining a contemporary limestone-clad structure with the carefully restored historic cast-iron façade. Large floor-to-ceiling windows and a minimalist exterior are intended to complement the neighboring landmarked architecture while bringing natural light into the residences. According to the development team, the project brings together two historically distinct properties into a single luxury development while preserving one of Tribeca's 19th-century textile warehouse buildings.

What Construction Progress Looks Like

Facade installation is currently underway on the new portion of the building while restoration work continues on the historic structure. First Standard Construction is serving as the general contractor, overseeing both the new construction and preservation efforts. The development is backed by a $32 million construction and acquisition loan provided by Kriss Capital, which financed the acquisition and redevelopment of the combined properties. Once construction is completed later this year, SERHANT. will oversee sales of the five luxury residences.