Tishman’s 110 East 16th Street Development Site Sells for $44M
By Emily Davis November 10, 2026 1:07 pm
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Tishman Realty has parted with its long-held 110 East 16th Street development site near Manhattan’s Union Square.
Developer and general contractor Pro-H Group paid Tishman $44.25 million for the site, a source familiar with the transaction told Commercial Observer. Pro-H, led by founder Burton Hung, plans to replace the site’s existing parking garage with a 52-unit residential condominium building.
The acquisition and development plans were announced Monday by Pro-H and Northwind Group. The Manhattan-based real estate private equity firm and debt fund manager provided the buyer with a $30 million first-mortgage acquisition and predevelopment loan.
“With Manhattan’s new development condominium inventory at its lowest level in over a decade and limited new supply on the horizon, this project will deliver much-needed housing to one of the city’s most supply-constrained and sought-after neighborhoods,” Ran Eliasaf, founder and managing partner of Northwind, said in the announcement.
The Union Square site last traded to Tishman in 2015. Its $35 million purchase was followed by a decade of seeking city approval and acquiring air rights for a 250-foot-tall condominium tower, according to The Real Deal, which was first to report the sale.
The site between Union Square East and Irving Place is currently occupied by a vacant, nine-story parking garage. The 22-story tower slated to take its place will feature one- to four-bedroom residences, according to the announcement, along with a full suite of amenities.
Tishman was represented in the sale by JLL’s Jonathan Hageman, while Brown Harris Stevens’ Robin Schneiderman negotiated on behalf of Pro-H.
“110 East 16th Street is a rare development site in the heart of Union Square, where the new development pipeline is very slim,” Schneiderman said in a statement. “Pro-H Group recognized the site’s potential for a marquee project.”
Monday’s announcement comes less than a year after Tishman and joint venture partner MetLife Investment Management sold their 34-story hotel development, InterContinental New York Times Square, for $230 million, in one of the largest single hotel deals of 2025.
Spokespeople for Tishman, JLL and Brown Harris Stevens did not respond to requests for comment.
Emily Davis can be reached at edavis@commercialobserver.com.
