SilverLining Development NY pays $7.5MM to USC for likely dev site in Tribeca

SilverLining Development NY paid $7.5 million to Urban Standard Capital for a likely development site that is currently two retail properties at 33 and 35 Lispenard Street in Tribeca, Manhattan, in two transactions.

In November, SilverLining Development NY signed an option agreement for a development site on Leroy Street. SilverLining Development NY, led by Aden Wiener, through the entity SilverLining Development Ny LLC signed an option agreement with the New Mexico company Zydeco 66 through the entity Heretofore, LLC related to the development site that’s currently a parking lot (G7) at 152-154 Leroy Street in West Village, Manhattan. The expected use is ground up development.

In the first of the Lispenard transactions, SilverLining Development NY through the entity Beyond Living Lispenard LLC paid $4.3 million to Urban Standard Capital through the entity Usc 33 Lispenard LLC for the two-unit mixed-use building (K4) at 321 Church Street in Tribeca, Manhattan. The expected use is ground up development.
The deal closed on December 8, 2025 and was recorded on December 12, 2025. The property has 1,700 square feet of built space and 9,006 square feet of additional air rights for a total buildable of 10,715 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,529 and the price per buildable square foot is $401 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 seller bought the property on June 17, 2024, for $1,000,000.

In the second Lispenard transaction, SilverLining Development NY through the entity Beyond Living Lispenard LLC paid $3.2 million to Urban Standard Capital through the entity Usc 35 Lispenard LLC for the retail building (K1) at 35 Lispenard Street in Tribeca, Manhattan. The expected use is ground up development.
The deal closed on December 8, 2025 and was recorded on December 12, 2025. The property has 1,338 square feet of built space and 6,716 square feet of additional air rights for a total buildable of 8,054 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,391 and the price per buildable square foot is $397 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 seller bought the property on July 20, 2022, for $3.3 million.

The signatory for Urban Standard Capital was Seth Weissman . The signatory for SilverLining Development NY was Aden Wiener . The contract date was November 10, 2025.

Prior sales and revenue

The seller Urban Standard Capital purchased five properties in four transactions for a total of $7.8 million and sold two properties in two transactions for a total of $4.5 million over the past two years. The 1,700-square-foot property generated revenue of $247,452 or $146 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 2 residential units in Tribeca has 1,700 square feet of built space and 9,006 square feet of additional air rights for a total buildable of 10,715 square feet according to a PincusCo analysis of city data. The parcel has frontage of 35 feet and is 50 feet deep with a total lot size of 1,780 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 $1.3 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 one DOB violation and $100 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, 123708602, for a five-unit, 10,036 square-foot R-2 building. The project was submitted by Peter Matera with plans filed March 20, 2019 and it has not been permitted yet.

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 1.6 times the average sales volume among other neighborhoods with $487.7 million in sales volume in the last two years and is the 21st highest in Manhattan. For development, Tribeca has 1.7 times the average amount of major developments relative to other neighborhoods and is the 16th highest in Manhattan. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 17 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 16 commercial properties representing 76,176 square feet of the 123,030 square feet. The largest owner is United American Land, followed by Vornado Realty Trust and then Urban Standard Capital.
On the tax block, there were two new building construction projects totaling 28,928 square feet. The largest is a 21-unit, 18,892 square-foot residential (R-2) building submitted by Dan Forrester with plans filed February 27, 2017 and it has not been permitted yet. The second largest is a five-unit, 10,036 square-foot residential (R-2) building submitted by Peter Matera with plans filed March 20, 2019 and it has not been permitted yet.

The majority, or 53 percent of the 123,030 square feet of built space are mixed-use buildings, with elevator buildings next occupying 39 percent of the space.

The seller

The PincusCo database currently indicates that Urban Standard Capital owned at least 13 commercial properties with 109 residential units in New York City with 59,753 square feet and a city-determined market value of $16.7 million. (Market value is typically about 50% of actual value.) The portfolio has $6.2 million in debt, borrowed from Arbor Realty Trust. Within the portfolio, the bulk, or 54 percent of the 59,753 square feet of built space are walkup properties, with mixed-use properties next occupying 39 percent of the space. The bulk, or 89 percent of the built space, is in Brooklyn, with Manhattan next at 11 percent of the space.

The buyer

The PincusCo database currently indicates that SilverLining Development NY owned at least one commercial property in New York City with 0.0 square feet and a city-determined market value of $3.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property.

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