NEW YORK CITY — A partnership between Urban Capital Group and Prosper Property Group has secured $32 million in financing for an adaptive reuse project in Manhattan’s Tribeca area. The borrower will use the proceeds to acquire and convert a former textile warehouse into a five-unit residential building with ground-floor retail space. Units will come in three- and floor-bedroom floor plans and will average 3,500 square feet.
Local lender and private equity firm Kriss Capital provided the financing. Andy Iadeluca of New Development Capital arranged the debt. The design team includes SOMA and Turett Collaborative. GRA Equities and PZ Realty Investments are also partners on the project. Construction is underway and is slated for a mid-2026 completion.