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umaida + Khurana, a New York-based developer led by Amit Khurana and Saif Sumaida, has acquired a 4,650-square-foot site at 1 Walker Street in Tribeca for $18 million. The firm plans to build a 10-story, 125-foot luxury condo complex with additional air rights at the site.

    The existing building on the property is largely vacant, aside from a handful of retail tenants. Funding for the acquisition came from a $15.3 million loan arranged by Aaron Niedermayer of JLL Capital Markets.

    This deal marks another development project in the city for Sumaida + Khurana, which has also been expanding into South Florida's office market. The firm is currently working on two projects in Miami Beach's South of Fifth area: a five-story building at 944 Fifth Street and another at 1100 Fifth Street.

    In New York City, the developer's project at 611 West 66th Street has sold nearly three-quarters of its 77 units, designed by Pritzker-winning architect Alvaro Siza. The luxury condo complex is part of a partnership with LENY Group's Rudy Gabsi and features high-end design typical of Sumaida + Khurana's developments.