Silvera Properties signs $22M loan with Citibank for 11-unit rental in Tribeca

Silvera Properties through the entity 31 Leonard Street, LLC as borrower signed a initial loan with lender Citibank through the entity Citibank N.A. valued at $22 million for the 11-unit residential elevator building (D7) at 29-31 Leonard Street in Tribeca, Manhattan.
The deal closed on January 29, 2026 and was recorded on February 3, 2026. The property has 31,262 square feet of built space and 690 square feet of additional air rights for a total buildable of 31,966 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $703 and the price per buildable square foot is $688 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 owner bought the property on June 27, 2018, for $24.5 million. The signatory for Silvera Properties was David Silvera .

The property

The residential elevator building with 11 residential units in Tribeca has 31,262 square feet of built space and 690 square feet of additional air rights for a total buildable of 31,966 square feet according to a PincusCo analysis of city data. The parcel has frontage of 49 feet and is 119 feet deep with a total lot size of 5,310 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 West Historic District. The city-designated market value for the property in 2022 is $6.7 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 $935 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on September 18, 2024. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of four of the eight commercial properties representing 143,114 square feet of the 187,543 square feet. The largest owner is Epic, followed by Broad Street Development and then Edison Properties.
There are no active new building construction projects on this tax block.

The majority, or 41 percent of the 187,543 square feet of built space are mixed-use buildings, with industrial buildings next occupying 30 percent of the space.

The borrower

The PincusCo database currently indicates that Silvera Properties owned at least two commercial properties with 20 residential units in New York City with 58,804 square feet and a city-determined market value of $18.6 million. (Market value is typically about 50% of actual value.) The portfolio has $9 million in debt, borrowed from Citibank. Within the portfolio, the bulk, or 53 percent of the 58,804 square feet of built space are retail properties, with elevator properties next occupying 47 percent of the space. They are all located in Manhattan.

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