Prosper Property Group pays $16.2M to Anbau for dev site in Flatiron District

Prosper Property Group through the entity 10 West 17th Street Owner LLC paid $16.2 million to Anbau, Inc. through the entity 10 West 17th Street Fee LLC for the development parcel (V1) at 10 West 17th St in Flatiron District, Manhattan. The expected use is ground up development.

According to the Prosper Property Group website, the developer plans an 18-story, 52,000-square-foot building with 34 residential condominium units, at the site.

On the lot, there is one active new building construction project, M00951254, for a 23-unit, 41,220 square-foot residential (R-2) building. The project was submitted by Anbau, Inc. and filed by James Treacy with plans filed November 9, 2023 and it has not been permitted yet.
The deal closed on July 22, 2025 and was recorded on August 4, 2025. The property has zero square feet of built space and 41,400 square feet of additional air rights for a total buildable of 41,400 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $391 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 December 16, 2022, for $15.5 million. The signatory for Anbau, Inc. was Alexander H. Glascock . The signatory for Prosper Property Group was Damien Smith . The contract date was May 21, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Prosper Property Group purchased three properties in three transactions for a total of $64.8 million and has no record it sold any properties over the past 24 months.
The seller Anbau, Inc. purchased one property in one transaction for a total of $4.3 million and had not sold any properties over the same time period.

The property

The parcel has frontage of 45 feet and is 92 feet deep with a total lot size of 4,140 square feet. The zoning is C6-4A which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The property is in the Ladies’ Mile Historic District. The city-designated market value for the property in 2022 is $4.2 million. The most recent loan transaction prior to Prosper Property Group’s purchase, was Anbau, Inc. buying a $10 million loan back from a lender, on January 6, 2025.

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 $1,300 in ECB penalties and $3,100 in OATH penalties in the last year.

The neighborhood

In Flatiron District, The majority, or 71 percent of the 23.2 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Flatiron District has 2.1 times the average sales volume among other neighborhoods with $579.2 million in sales volume in the last two years and is the 18th highest in Manhattan. For development, Flatiron District has 2.3 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Manhattan. It had 3.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 12 of the 26 commercial properties representing 467,824 square feet of the 976,921 square feet. The largest owner is Danielle Rabina, followed by Pan Am Equities and then Winter Equities.
On the tax block, there was one new building construction project filed totaling 41,220 square feet. It is a 23-unit, 41,220 square-foot residential (R-2) building submitted by Anbau, Inc. and filed by James Treacy with plans filed November 9, 2023 and it has not been permitted yet.

The majority, or 70 percent of the 976,921 square feet of built space are office buildings, with elevator buildings next occupying 11 percent of the space.

The seller

The PincusCo database currently indicates that Anbau, Inc. owned at least five commercial properties with 80 residential units in New York City with 161,170 square feet and a city-determined market value of $35.4 million. (Market value is typically about 50% of actual value.) The portfolio has $154 million in debt, with top three lenders as First Republic Bank, Bank OZK, and Union Labor Life Insurance Company respectively. Within the portfolio, the bulk, or 73 percent of the 161,170 square feet of built space are elevator properties, with development properties next occupying 22 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Prosper Property Group owned at least five commercial properties with 10 residential units in New York City with 129,210 square feet and a city-determined market value of $28.7 million. (Market value is typically about 50% of actual value.) The portfolio has $5 million in debt, borrowed from Fieldpoint Private Bank & Trust. Within the portfolio, the bulk, or 81 percent of the 129,210 square feet of built space are office properties, with mixed-use properties next occupying 12 percent of the space. The bulk, or 81 percent of the built space, is in Brooklyn, with Manhattan next at 12 percent of the space.

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