Tribeca Luxury Condo Takes Next Step With Deal at 32 Walker

A 156-year-old corner of Tribeca is getting a facelift.

Urban Capital Group and Prosper Property Group announced they completed a deal for 34 Walker Street, a former textile warehouse. The developers, which closed on 32 Walker Street last year, plan to turn the assemblage into a seven-story development with five full-floor loft condominium units and ground-floor retail.

The development received approval from the Landmarks Preservation Commission for the final construction in June 2024. A squat two-story black building at 32 Walker Street, the former site of the bar Belle Reve, will be demolished for new construction, while the cast-iron facade at 34 Walker will be maintained in the final development.

The 30,000-square-foot project is backed by a $32 million acquisition and construction loan from Kriss Capital. The developers purchased the site at 32 Walter Street for $5.25 million, according to public records.

Financing for the deal for 34 Walker was arranged by New Development Capital’s Andy Iadeluca and the sale was arranged by Douglas Elliman’s Monica Luque.

The condos will span at least 3,500 square feet and be a mix of three- and four-bedroom units with 12- to 16-foot ceilings, including a duplex penthouse.

“Our goal from the start was to acquire both sites at 32 and 34 Walker Street and seamlessly merge old and new,” stated Prosper Property Group’s Eddie Bender.

Construction has already begun and is expected to be completed in the first half of 2026. Serhant New Development will handle the exclusive sales and marketing.

The median sales prices for condos in Tribeca, including resales, was $3.4 million in 2024, with an average price per square foot of $2,169, according to data from Miller Samuel. The boutique condo around the corner at 53 White Street from developer David Friedman commanded around $2,500 for its floor-through non-penthouse units, according to data from Marketproof.