A vacant nine-story parking garage just steps from Union Square has changed hands for $44 million, clearing the way for a 22-story condominium tower with 52 residences. Tishman Realty sold the long-stalled development site at 110 East 16th Street to Pro-H Group, ending years of uncertainty over what would rise on the Manhattan parcel.
The deal, reported by Commercial Observer, closed at a price the outlet's headline lists as $44 million, though a separately supplied figure puts the consideration at $44.25 million — a discrepancy that has not been reconciled. The property sits on East 16th Street between Union Square East and Irving Place, according to a PR Newswire release announcing financing for the acquisition. Pro-H Group, led by Burton Hung, is the buyer, while Tishman Realty was the seller.
A $30 Million Loan Backs the Predevelopment Push
Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, originated a $30 million first-mortgage acquisition and predevelopment loan for the purchase, per the same release. Ran Eliasaf, founder and managing partner of Northwind Group, said the project will deliver needed housing in a supply-constrained, sought-after neighborhood. The financing is meant to carry Pro-H Group through the early stages of planning before construction begins.
The site currently holds a vacant nine-story parking garage that is slated for demolition, the release states. In its place, Pro-H Group plans a 22-story condominium building with 52 residences ranging from one- to four-bedroom homes, along with a full suite of amenities, according to the same announcement.
Brokers Call It a Rare Union Square Opportunity
Robin Schneiderman of Brown Harris Stevens Development Marketing represented Pro-H Group in the transaction, while JLL's Jonathan Hageman represented Tishman Realty, the Commercial Observer report notes. Schneiderman described 110 East 16th Street as a rare development site in Union Square, where the new development pipeline is very slim, and said Pro-H recognized the site's potential for a marquee project.
Tishman Realty, JLL, and Brown Harris Stevens spokespeople did not respond to requests for comment, per the Commercial Observer report. The site last traded in 2015, when Tishman Realty paid $35 million for it, according to The Real Deal as cited in that report. Tishman reportedly spent a decade seeking city approval and acquiring air rights for a 250-foot-tall condominium tower before ultimately selling.
Earlier Plans Shifted Over Time
The site's development history has shifted substantially over the years. A 2018 proposal reported by New York YIMBY envisioned a 21-story mixed-use building designed by Morris Adjmi Architects, with an estimated 50 condominiums averaging roughly 2,000 square feet apiece. A later revision tracked by Crain's New York Business shrank the residential project from 150 apartments down to 50, reflecting how much the plans for this corner evolved under Tishman's ownership.
The sale also lands less than a year after Tishman Realty and MetLife Investment Management sold the 34-story InterContinental New York Times Square hotel for $230 million in 2025, a deal described as one of that year's largest single hotel transactions.
