Northwind Lends $63M on Gramercy Condos Project
By Andrew Coen September 3, 2024 5:29 pm
reprints
A joint venture between T&E 1 Development and Minrav Group has sealed $63 million of construction financing to build a condominium development in Manhattan’s Gramercy neighborhood, Commercial Observer has learned.
Northwind Group provided the first-mortgage loan on the sponsorship’s planned 54-unit condo project at 305 First Avenue, while Cooper-Horowitz’s Richard Horowitz, Ryan Horowitz and Justin Horowitz negotiated the loan.
Ran Eliasaf, founder and managing partner of Northwind Group, said in a statement that the 301 First Avenue project will deliver “well-crafted units and enhance the condominium offerings in Gramercy.”
Cooper-Horowitz’s Richard Horowitz, Justin Horowitz and Ryan Horowitz arranged the transaction.
Minrav acquired the property along with parcels at 307, 309 and 311 First Avenue in early 2020 for $28.5 million, according to Traded. Foundation and excavation work has commenced for the 13-story property, with the project slated for completion in 2026.
The property will have building amenities such as a fitness center, a rooftop terrace, a residents’ lounge and a doorman. It will also include 18 parking spaces.
ARC Architecture + Design Studio is the architect for the project.
Officials at Minrav Group did not immediately return a request for comment. T&E 1 Development declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com
