NEW YORK CITY — Local lender and private equity firm Kriss Capital has provided $32 million in financing for an adaptive reuse project in Manhattan’s Tribeca area. The borrower, a partnership between local firms Urban Capital Group and Prosper Property Group, will use the proceeds to acquire and convert a former textile warehouse into a five-unit residential building with ground-floor retail space. The design team includes SOMA and Turett Collaborative. Residences will come in three- and four-bedroom floor plans and have an average size of 3,500 square feet. Andy Iadeluca of New Development Capital arranged the debt. GRA Equities and PZ Realty Investments are also partners on the project, construction of which is underway and slated for a mid-2026 completion.
The adaptive reuse of a former warehouse at 32-34 Walker St. in Manhattan's Tribeca area has been designed to preserve and integrate the historic cast iron textile warehouse at 34 Walker St. with a new structure at 32 Walker St.
Kriss Capital Provides $32M in Financing for Manhattan Adaptive Reuse Project
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