Prosper Property signs $50M construction loan with Northwind for condo project in Flatiron District

Prosper Property Group through the entity 10 West 17th Street Owner LLC as borrower signed a construction loan with lender Northwind Group through the entity NW 10 West 17th Lender LLC valued at $50 million for the development parcel (V1) at 8 West 17th Street in Flatiron District, Manhattan.

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 permitted November 20, 2025. On the tax lot, the most recent condominium plan was filed by 10 WEST 17TH STREET OWNER LLC to create 34 residential units in a building at 8 West 17th Street in Flatiron District, Manhattan, called 8 West 17th Street Condominium, according to an November 03, 2025 submission to the New York State Attorney General. The principals of the sponsor, 10 WEST 17TH STREET OWNER LLC, were Ronald Bender and Damien Smith.
The loan closed on March 26, 2026 and was recorded on April 16, 2026. The prior lender was Northwind Group which held debt that had an original loan amount of $11 million. 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 loan price per buildable square foot is $1,207 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 owner bought the property on July 22, 2025, for $16.2 million. The signatory for Prosper Property Group was Damien Smith . The signatory for Northwind Group was Ran Eliasaf .

Prior sales, articles and revenue

Commercial Observer reported on March 31, 2026 that Prosper Property Group borrowed $50 million from Northwind Group for 10 West 17th Street, Manhattan, NY. The lender-side brokers were Andrew Iadeluca of New Development Capital.

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.

Transaction Participants

John D. Vavas at Polsinelli PC participated in the transaction on behalf of the lender.

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 $18,500 in ECB penalties and $18,500 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 2.3 times the average sales volume among other neighborhoods with $772.7 million in sales volume in the last two years and is the 15th highest in Manhattan. For development, Flatiron District is the 10th most active neighborhood among other neighborhoods. It had 5.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 23 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 13 of the 26 commercial properties representing 819,376 square feet of the 976,921 square feet. The largest owner is Columbia Property Trust, followed by Danielle Rabina and then Pan Am 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 permitted November 20, 2025.

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 borrower

The PincusCo database currently indicates that Prosper Property Group owned at least seven commercial properties with 50 residential units in New York City with 129,210 square feet and a city-determined market value of $33.4 million. (Market value is typically about 50% of actual value.) The portfolio has $34 million in debt, with top three lenders as Kriss Capital, Northwind Group, and Fieldpoint Private Bank & Trust respectively. Within the portfolio, the bulk, or 80 percent of the 129,210 square feet of built space are office properties, with mixed-use properties next occupying 11 percent of the space. The bulk, or 80 percent of the built space, is in Brooklyn, with Manhattan next at 11 percent of the space.

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