A long-gestating development site in Union Square has traded hands.
Pro H Group has acquired 110 East 16th Street from Tishman Realty, according to a press release. Pro H has plans to demolish the vacant parking garage on site and put up a 250-foot residential development with 52 condo units.
Robin Schneiderman, managing director at Brown Harris Stevens Development Marketing, represented the buyer and Jonathan Hageman, managing director in JLL’s capital markets group, represented the seller.
Ran Eliasaf’s Northwind Group provided a $30 million loan to finance the acquisition and predevelopment, but a final sale price has not been disclosed. The loan originated through Northwind’s latest debt fund, NDF III, which recently announced its final close with $1 billion in capitalization, double its target fund size.
If the plans for the site sound familiar, it might be because Tishman Realty had already proposed building a 250-foot-tall tower with 50 condo units years earlier. Tishman bought the site in 2015 for $35 million and spent the ensuing decade receiving approvals from the city.
In the following years, Tishman Realty, which is distinct from real estate firm Tishman Speyer, added on 36,000 square feet of air rights, received approvals from the Landmarks Preservation Commission and went through the Uniform Land Use Review Procedure process to allow for additional building height.
In 2023, Tishman Realty filed plans to build up to 150 residential units across 132,000 square feet, as well as 11 parking spots, commercial space and a first-floor community facility, but it’s not clear if the firm ever had designs for that many units. In 2025, it received approval for a development that would span 40 to 55 units, along with 18 parking spots.
The deal appealed to Pro H because of both the limited condo supply in the area and the pre-approved plans from Morris Adjmi Architects, according to Schneiderman.
The deal follows Pro H Group partnering with Brown Harris Stevens Development Marketing on sales, which have not yet launched, at a 94-unit condo project, the Loggia Nomad, at 842 Sixth Avenue. Pro H bought the site for $30 million in 2024.
It also marks the second major sale for Tishman Realty in the last 12 months. The firm, along with Metlife Investment Management, sold the InterContinental New York Times Square for roughly $230 million in December.
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