The Real Deal New York

No appointment needed: Institute for Family Health sells Union Square medical office

Nonprofit put the property on the market in 2016
By Konrad Putzier | February 15, 2018 01:30PM

The Institute for Family Health sold its Union Square location for $39.5 million.

Gramercy Park Real Estate LLC, whose manager is listed as Michael Horrigan, is the buyer of the six-floor, 37,000-square-foot medical office building at 14-16 East 16th Street, property records show.

The Institute did not immediately respond to a request for comment. It first put the property, which sits between Union Square West and Fifth Avenue, on the market in June 2016 with a price tag of $50 to $60 million.

The building was constructed in 1889, and its zoning indicates that it has 34,000 square feet of unused development rights available.