Tishman Realty files plans for 150-unit project in Gramercy

UPDATED 10:30 a.m., December 15, 2023: Dan Unger, chief development officer of Tishman Realty submitted a new building construction project for a 150-unit, 110,142 square-foot residential (R-2) building at 110 East 16th Street in Gramercy, Manhattan. The plan was filed with the New York City Department of Buildings on February 16, 2023 under job number M00812125. It calls for the construction of a 22-story building. The project is described in the filing as: application being filed to construct a new 21-story mixed-use building. The architect is Morris Adjmi Architects.

To prepare the site, Daniel Unger through the company East 16th Street Owner, LLC submitted a demolition application for the demolition of the existing 50,174-square-feet commercial (B-2) building at 110 East 16th Street. The plan was filed with the New York City Department of Buildings on February 6, 2023 under job number 123915898. It calls for the demolition of a nine-story building. The project is described in the filing as: full demolition of 9-story structure, using hand held, and mechanic means to assist.

The property

The parcel has frontage of 64 feet and is 103 feet deep with a total lot size of 6,660 square feet. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $6.8 million.

Prior sales and revenue

Tishman acquired the property for $35 million on March 24, 2015.

The 50,174-square-foot property generated revenue of $1 million or $20 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has received one DOB violation in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Gramercy, The bulk, or 31 percent of the 11.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 24 percent of the space. In sales, Gramercy has near average sales volume among other neighborhoods with $227.5 million in sales volume in the last two years and is the 32nd highest in Manhattan. For development, Gramercy has near average amount of major developments among other neighborhoods and is the 18th highest in Manhattan. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 20 commercial properties representing 283,420 square feet of the 663,960 square feet. The largest owner is Christy Martin, followed by Croman Real Estate and then Dennis Riese. On the tax block, there was one new building construction project filed totaling 110,142 square feet.

The surrounding

Within a 400-foot radius of 112 East 16 Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months. Of those six items, one was for major renovation including a certificate of occupancy change. It was a permit issued on April 23, 2022 for the $807,025 renovation of 8,495-square-foot residential (R-3) building with two residential units at 116 East 17th Street. Of those six items, five were loans above $5 million totaling $119.7 million. The most recent of the five was Samco Properties which borrowed $10 million from Apple Bank for Savings secured by the 64,405-square-foot, 12-unit office building (O6) on 116 East 16th Street on November 14, 2022.

Correction: A prior version of this post identified the developer as Tishman Speyer, when in fact it is Tishman Realty, and the two companies are no longer affiliated.

Direct link to the property’s ACRIS page and link to DOB NOW portal.