Sumaida + Khurana Plans 10-Story Condo at 1 Walker

Tribeca, home to a thriving art gallery scene, will be adding another piece of fine design to the area.

Sumaida + Khurana, led by Amit Khurana and Saif Sumaida, closed on a 4,650-square-foot site at 1 Walker Street for $18 million, The Real Deal has learned.

The developer is planning a 10-story, 125-foot luxury condo complex, according to a source familiar with the deal. The firm is also pursuing additional air rights at the site.

The site was sold by the estate of Peter Matera, whose family had purchased a number of properties in the area. The 1 Walker acquisition was funded with a $15.3 million loan from Cero Funding, LLC. Aaron Niedermayer of JLL Capital Markets arranged the loan. The existing building has a handful of retail tenants but is largely vacant.

Elsewhere in the city, Sumaida + Khurana’s development at 611 West 66th has sold nearly three-quarters of its 77 units, according to Marketproof. The project — in partnership with LENY is Rudy Gabsi’s LENY Group — was designed by Pritzker-winning architect Alvaro Siza, a trademark for the company’s developments.

The New York-based firm has been betting big on the South Florida office market as of late.

The firm has two projects in the works in the city’s South of Fifth area, a five-story building at 944 Fifth Street dubbed The Fifth Miami Beach, and another five-story building at 1100 Fifth Street with property owners Roslyn and Norton Nesis.

The Fifth Miami Beach, which the developers partnered on with Bizzi+Bilgili and ex-Google CEO Eric Schmidt, began preleasing earlier this year. The development signed New York-based hedge fund J. Goldman for roughly 13,500 square feet of office space and New York’s upscale Italian eatery Sant Ambroeus for more than 7,000 square feet of retail space.

Those two tenants combine for nearly one-third of the building’s office space, and construction is expected to be finished in less than a year.

The 1100 Fifth development, which includes Robert and Miriam Weiss of Weiss Properties and Aaron Butler of Avenue Real Estate Partners as partners, hasn’t launched preleasing. Construction is expected to start next year.

The firm’s seven-story building at 152 Elizabeth Street in Nolita was designed by Japanese architect and Pritzker winner Tadao Ando, and its building at 1100 Fifth Street in Miami is designed by Pritzker-winner Eduardo Souto de Moura, along with Zyscovich and Gabellini Sheppard.

This article has been updated with financing and broker information for the 1 Walker acquisition.