A $30 million loan has been secured for the acquisition and predevelopment of 110 East 16th Street, a 22-story mixed-use residential building in Gramercy, Manhattan. Designed by Morris Adjmi Architects and developed by Pro-H Group, the structure will yield 52 condominium units in one- to four-bedroom layouts, as well as a collection of amenities. The property is located between Union Square East and Irving Place.
Northwind Group provided the loan through its latest debt fund, NDF III, which the company recently closed for $1 billion.
The renderings preview the tower rising with a straightforward massing to the 17th floor, followed by a ziggurat-esque series of stepped setbacks leading to a short cylindrical bulkhead. The exterior is shown composed of a light gray façade surrounding a grid of floor-to-ceiling windows with protruding frames. Pocketed corner terraces are visible at the 19th and 21st stories, but no other outdoor space is depicted.
110 East 16th Street. Designed by Morris Adjmi Architects.
The site is currently occupied by a vacant nine-story parking garage.
110 East 16th Street, via Google Maps
“110 East 16th Street is a rare development site in the heart of Union Square, where the new development pipeline is very slim,” said Robin Schneiderman, managing director, Brown Harris Stevens Development Marketing (BHSDM). “Pro H Group recognized the site’s potential for a marquee project, and it was a pleasure working with them to put together this deal.”
A list of residential amenities has yet to be disclosed.
The development is located in close proximity to Union Square and the 4, 5, 6, L, N, Q, R, and W trains beneath the park.
A construction timeline for 110 East 16th Street has not been announced.
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