Tishman Realty plans 132K sf Union Square project

Tishman Realty & Construction filed plans for a development near Union Square that has been in the making since the developer purchased the site almost a decade ago.

Tishman’s filing calls for a 132,000-square-foot mixed-use building at 110 East 16th Street. Morris Adjmi is listed as the project’s architect for the 21-story building, which will rise 252 feet.

Zoning information on the Department of Buildings website said up to 150 residential units are permitted at the site. Tishman was reported in recent years to be considering around 50 condominiums. 

Renderings for the closely-guarded project were reported by YIMBY in 2018. Those renderings came months after the development received approval from the City Landmark Preservation, but while the now-completed ULURP process was ongoing.

Tishman planned to replace the nine-story garage with a building featuring “large inset casement windows framed by articulated metal trims, a limestone base [and] brick masonry.” At the time, the development was expected to include 3,000 square feet of commercial space and roughly 50 condo units, each spanning about 2,000 square feet.

The project is adjacent to the landmarked Lee Strasburg Theater Institution. Tishman purchased the air rights from the building and plans to restore and preserve the property.

Tishman purchased the building in 2015 for $35 million, YIMBY reported. The firm did not immediately respond to The Real Deal’s request for comment. 

A case study about the lot on Tishman’s website references Union Square being an undersupplied condo market. Tishman also responded to calls for an affordable housing component by making two capital contributions to developers for future projects.

Two years ago, Tishman landed a $60 million acquisition loan from Bank Hapoalim for a bulk buy at the Charlie West condo building in Hell’s Kitchen. Tishman Realty spent $90 million to purchase 70 units at the property, which was newly completed at the time.