Financing secured for 22-story condo tower on a Gramercy parking garage site

Overview

Updated 48 minutes ago

A nine-story parking garage at 110 East 16th Street has carried an approved condo plan for years without rising. This month, developer Pro-H Group secured a $30 million loan to acquire the site and fund predevelopment of a 22-story, 52-unit tower designed by Morris Adjmi Architects.

The loan comes from Northwind Group's debt fund NDF III, which the firm recently closed at $1 billion. It covers acquisition and predevelopment, not construction, so ground has not broken. But it moves a rare Union Square residential project—where new supply is thin—past its first financing hurdle.

Why it matters

It converts a parking garage near Union Square into 52 condos, a test of whether small Manhattan projects can still clear financing and break ground.

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Key Indicators

$30M

Acquisition and predevelopment loan

Financing from Northwind Group's NDF III debt fund.

Condominium units planned

One- to four-bedroom layouts across the tower.

Stories in the proposed tower

Stepped setbacks begin above the 17th floor.

$1B

Size of Northwind's NDF III fund

The fund that provided the project loan, recently closed at this total.

Voices

Curated perspectives — historical figures and your fellow readers.

People Involved

Morris Adjmi

Founder, Morris Adjmi Architects

Designing the 110 East 16th Street tower

Robin Schneiderman

Managing director, Brown Harris Stevens Development Marketing

Marketing the project

Organizations Involved

Pro-H Group

Real estate developer

Developer of 110 East 16th Street

The New York developer behind the 110 East 16th Street condominium tower.

Northwind Group

Real estate lender

Provided the project loan

A real estate lender that financed the site's acquisition and predevelopment.

Morris Adjmi Architects

Architecture firm

Design architect

The architecture firm designing the 22-story tower.

Brown Harris Stevens Development Marketing

Real estate marketing firm

Marketing the condominium

The firm marketing the condominium units.

Timeline

2015 November 2026

2 events Latest: November 2026

November 2026
Pro-H Group secures $30 million site loan
Latest Financing

Northwind Group lends acquisition and predevelopment funds through its $1 billion NDF III fund.
November 2026
2015
Tishman takes over the parking garage
Acquisition

Tishman acquires the nine-story garage as a partner divests a parking-garage portfolio.
2015

Scenarios

Ground breaks at 110 East 16th Street

Possible Resolves by End of 2027

Discussed by: New York YIMBY and project filings

A demolition or new-building permit would show the project has cleared review and is moving to construction. The announcement gave no construction timeline, and predevelopment financing alone does not commit a builder to start. A Department of Buildings filing is the first public evidence that work is scheduled.

Pro-H Group lines up construction financing

Possible Resolves by Q2 2027

Discussed by: New York YIMBY

The $30 million loan covers acquisition and predevelopment, not construction. A separate construction loan, typically larger, would be needed before vertical building. Securing it would show lenders are willing to fund the project to completion.

The project stalls and the site trades again

Unlikely Resolves by Q2 2028

Discussed by: Real estate analysts

Many entitled Manhattan sites change hands before construction. If permitting or financing falters, Pro-H Group could sell the garage site to another developer, resetting the timeline. The garage has already been a development site through a decade of planning.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

2015–2020

Tishman's garage-to-condo entitlement (2015–2020)

Tishman bought the nine-story parking garage around 2015 and spent more than two years in the city's land-use review process. To add height, it bought air rights from the Lee Strasberg Film & Theatre Institute and the landmarked Century Association building next door, committing to restore the landmark and fund affordable housing elsewhere. The approvals roughly doubled the allowed height.

Then

The site won approval for a taller residential tower and preserved its neighbors' light and air.

Now

Tishman kept operating the garage through the pandemic; the site is now being developed by Pro-H Group, which secured predevelopment financing in 2026.

Why this matters now

It explains why a parking garage holds rights for a 22-story tower and why air rights, not just the lot, drive what gets built.

Late 2010s

The Century Association air-rights special permit

The landmarked Century Association building next to the site held unused development rights. Under the city's landmarks rules, the developer could buy those rights only with a special permit, granted in exchange for restoring the building to its original condition and maintaining it long-term. The transfer shifted building bulk away from 15th Street.

Then

The permit let the tower exceed the area's as-of-right height while funding restoration of a historic clubhouse.

Now

The air-rights deal became the basis the project still relies on for its height and views.

Why this matters now

It shows how a neighboring landmark, not the garage lot itself, set the tower's scale.