#United States #New York #Northwind Group #luxury condos #Prosper Property Group

Northwind Group Funds Luxury Residential Project in Manhattan

On July 24, 2025, Northwind Group, a prominent real estate private equity firm based in Manhattan, announced the issuance of an $11 million senior first-mortgage loan. This funding is allocated for the purchase of a land site at 10 West 17th Street, which is set to be developed into a remarkable 23-unit luxury residential condominium project in the Flatiron submarket of Manhattan.

The loan originates from Northwind Debt Fund III, the company's flagship closed-end fund dedicated to real estate credit investments across major U.S. metropolitan markets. After achieving record originations exceeding $1.1 billion in 2024, Northwind Group continues to be a key player in the funding landscape of the real estate sector by actively seeking out new lending opportunities in its strategy to expand its portfolio.

Development Plans
The ambitious project is led by Prosper Property Group, a well-regarded vertically integrated real estate firm known for its successful residential projects across New York City. The new condominium complex is designed to rise 18 stories and will feature luxury residences that include an array of two to four-bedroom units equipped with thoughtfully planned amenities.

Statements from Executives
Ran Eliasaf, who founded Northwind Group and serves as its Managing Partner, expressed enthusiasm for the partnership with Prosper Property Group. Eliasaf stated, “We are pleased to provide financing at favorable terms in one of Manhattan’s most sought-after neighborhoods. The Flatiron District shows strong demand for luxury living, and successful projects in this area have demonstrated strong market absorption.” He also emphasized their commitment to supporting New York City’s residential market and facilitating much-needed housing developments.

On Prosper Property Group's side, Principal Eddie Bender acknowledged Northwind’s expertise and seamless process during the loan closing. “We were impressed with Northwind's experience and are excited to advance our efforts to enhance the Flatiron neighborhood with new, high-quality residences,” Bender added.

Financial and Real Estate Landscape
As the Manhattan real estate market continues to evolve post-pandemic, developments like this reflect the increasing demand for boutique luxury living spaces. Northwind Group, having executed over $5.7 billion in real estate transactions since its inception in 2008, stands out as a significant financial player facilitating such transformative projects.

The modern architectural design and premium amenities anticipated for the new condominium are expected to attract a diverse clientele, further contributing to the revitalization of the Flatiron District.

Conclusion
As this project unfolds, it highlights not just Northwind's financial capabilities but also the ongoing trends in urban living preferences. The collaboration between seasoned firms like Northwind Group and Prosper Property Group demonstrates how strategic partnerships can meet the growing demands for sophisticated residential options in one of America’s most dynamic real estate markets. With development timelines and project details yet to be announced, the excitement surrounding its future is palpable, and it serves as a beacon for the evolving landscape of Manhattan residential real estate.