Prosper Property, Urban Capital, pay $11.6M for mixed-use in Tribeca, own adjacent corner

UPDATED 2:15 p.m., March 5, 2025: Prosper Property Group and Urban Capital Group through the entity Walker Street Owner LLC paid $11.6 million to Alan Katz and Ronald Katz through the entity Eltibe Realty Corp. for the mixed-use building (K4) at 34 Walker Street in Tribeca, Manhattan. The expected use is redevelopment.

On the lot, there is one active major alteration construction project, M01049846, for a five-unit, 18,636 square-foot residential (R-2) building. The project was submitted by Damien Smith with plans filed June 14, 2024 and it has not been permitted yet.
The deal closed on February 27, 2025 and was recorded on March 4, 2025. The property has 12,400 square feet of built space and 2,708 square feet of additional air rights for a total buildable of 15,098 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $935 and the price per buildable square foot is $768 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Alan Katz and Ronald Katz was Ronald Katz. The signatory for Prosper Property Group  and Urban Capital Group was Damien Smith . The contract date was March 21, 2023. Prosper Property Group and Urban Capital Group bought the adjacent property last year. Virgil Chong sold them 32 Walker Street, also known as 305-307 Church Street for $5.2 million on February 7, 2024.

Urban Capital Group is led by Cedric Abboud.

The buyers plan five residential condominium units and retail for the site, with plans that have been approved by the city’s Landmarks Preservation Commission.

The Katz family has owned the building since at least the 1969s, when Jack Katz borrowed $18,000 against the property in 1966. The Katz brothers operated a textile wholesale business in the building for decades, the Tribeca Trib reported in 2022, before deciding to sell it.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Prosper Property Group purchased two properties in two transactions for a total of $53.2 million and has no record it sold any properties over the past 24 months.
The seller Alan Katz had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building in Tribeca has 12,400 square feet of built space and 2,708 square feet of additional air rights for a total buildable of 15,098 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 75 feet deep with a total lot size of 2,508 square feet. The lot is irregular. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The property is in the Tribeca East Historic District. The city-designated market value for the property in 2022 is $1.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $200 in OATH penalties in the last year.

The neighborhood

In Tribeca, The bulk, or 47 percent of the 15.3 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has 1.4 times the average sales volume among other neighborhoods with $361.3 million in sales volume in the last two years and is the 22nd highest in Manhattan. For development, Tribeca has 2.2 times the average amount of major developments relative to other neighborhoods and is the 16th highest in Manhattan. It had 2.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 16 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 19 commercial properties representing 44,332 square feet of the 437,772 square feet. The largest owner is Firebird Grove, followed by Mitchell Schwartz and then Alexis Baez.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 437,772 square feet of built space are office buildings, with mixed-use buildings next occupying 35 percent of the space.

The buyer

The PincusCo database currently indicates that Prosper Property Group owned at least four commercial properties with 10 residential units in New York City with 116,810 square feet and a city-determined market value of $27.2 million. (Market value is typically about 50% of actual value.) The portfolio has $5 million in debt, borrowed from Fieldpoint Private Bank & Trust. Within the portfolio, the bulk, or 89 percent of the 116,810 square feet of built space are office properties, with elevator properties next occupying 8 percent of the space. The bulk, or 89 percent of the built space, is in Brooklyn, with Queens next at 8 percent of the space.

UPDATED with the addition of Urban Capital Group as a buyer.

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