282 Grand

The site at 282-286 Grand Street had been held by the same family for more than 70 years — a remnant of an earlier Lower East Side, when blocks between Forsyth and Eldridge were defined by small manufacturers, immigrant merchants, and community institutions rather than the boutique restaurants and design-forward residential buildings that now characterize the neighborhood's rapid evolution. When Prosper Property Group entered into a joint venture with longtime site owner Marc Straus to develop the parcel, it marked the firm's first formal joint venture — and a significant test of its ability to bring a complex, relationship-driven deal from negotiation through delivery.

First Standard Construction broke ground in early 2022, and the seven-story, 23,500 s/f building topped out by mid-year. Designed by DeFonseca Architects with a gray brick and floor-to-ceiling window façade, the building — now known as Artissima — delivered 25 rental residences in 2023, alongside a fitness center, rooftop lounge, bike storage, virtual doorman, and ground-floor commercial space. Each unit was finished with hardwood floors, quartz countertops, stainless steel appliances, in-unit LG washers and dryers, and smart climate controls. Eight units were made available through the NYC Housing Connect lottery, with income eligibility ranging from 70 to 130 percent of area median income — reflecting Prosper's commitment to genuine mixed-income development even within Manhattan's most supply-constrained residential neighborhoods. Artissima was fully leased upon delivery.