Prosper Property, Urban Capital sign $32M construction loan with Klirmark, Kriss for Tribeca condo project

Prosper Property Group and Urban Capital Group through the entity Walker Street Owner LLC as borrower signed a rehab construction loan with lenders Klirmark Capital and Kriss Capital through the entity KM Walkers Street US Financing US LP valued at $32 million for the development of five condominium units and retail at 32-34 Walker Street in Tribeca, Manhattan.

On these lots, there is one active major alteration construction project, M01049846, for a five-unit, 18,636 square-foot residential (R-2) building with retail. The project was submitted by Damien Smith with plans filed June 14, 2024.
The loan closed on February 27, 2025 and was recorded on March 7, 2025. The two properties have 14,914 square feet of built space and 7,773 square feet of additional air rights for a total buildable of 22,683 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $2,145 and the price per buildable square foot is $1,410 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 Prosper Property Group and Urban Capital Group was Damien Smith . The signatory for the Israel-based Klirmark Capital and Manhattan-based Kriss Capital was Michael Friedman, an attorney with the law firm Chapman and Cutler.

The developers bought the two buildings in separate transactions for a total of $16.8 million.

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 $372.9 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 17th 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 the tax block of 34 Walker Street, PincusCo has identified the owners of six of the 19 commercial properties representing 56,732 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 borrower

The PincusCo database currently indicates that Prosper Property Group owned at least five commercial properties with 10 residential units in New York City with 129,210 square feet and a city-determined market value of $28.7 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 81 percent of the 129,210 square feet of built space are office properties, with mixed-use properties next occupying 12 percent of the space. The bulk, or 81 percent of the built space, is in Brooklyn, with Manhattan next at 12 percent of the space.
The PincusCo database currently indicates that Urban Capital Group owned at least one commercial property in New York City with 12,400 square feet and a city-determined market value of $1.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Manhattan.

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