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Prosper Property Group And Urban Capital Group Acquire Development Site In TriBeCa For $16.85M

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SOLD
$16,850,000

New York

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Development Site
Sold 02/27/2025
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Property Image
SOLD

Prosper Property Group And Urban Capital Group Acquire Development Site In TriBeCa For $16.85M

32 Walker Street & 34 Walker Street

See Similar Deals
Development Site
Sold 02/27/2025
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Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Sale

The property involved in this transaction is a development site located at 32 Walker Street and 34 Walker Street in the TriBeCa market. The transaction price for the property was $16,850,000, with a building square footage of 20,000 and a price per building square foot of $842.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $16,850,000
  • Building Square Footage: 20,000
  • Price per Building Square Foot: $842
  • Buyers: Prosper Property Group, Urban Capital Group, GRA Equities & PZ Investments Realty
  • Sellers: Boltex Textiles at 34 Walker St & Hop Yee at 32 Walker St
  • Broker: Monica Luque - Douglas Elliman

The transaction was represented by Monica Luque from Douglas Elliman, highlighting her role in facilitating the deal among the buyers and sellers. The participation of multiple investment groups as buyers indicates a collaborative approach to acquiring the development site, potentially for future development projects in an active market.

Players

Monica Luque
3 deals$24.5M volume(212) 712-6089
BROKER

Prosper Property Group
BUYER

Details

SOLD
IMAGE: Damien Smith, Eddie Bender, Cedric Abboud, Peter Zuccarello, Gary Romaniello & Monica Luque DATE: 02/27/2025 ADDRESS: 32 Walker Street & 34 Walker Street MARKET: TriBeCa ASSET TYPE: Development Site BUYERS: Prosper Property Group, Urban Capital Group, GRA Equities & PZ Investments Realty SELLERS: Boltex Textiles at 34 Walker St & Hop Yee at 32 Walker St BROKER: Monica Luque (@MonicaLuqueNYC) - Douglas Elliman (@DouglasElliman) SALE PRICE: $16,850,000 BSF: 20,000 ~ PPBSF: $842

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$898,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$59,864.49
Cash-on-Cash Return-1.27%
Monthly Debt Service$79,877.60
Annual Debt Service$958,531.16