110 East 16th Street (2025)

110 E 16th St, New York, NY, 10003-2103, US

Description

Jones Lang LaSalle (JLL) has been retained exclusively to arrange the sale of 110 East 16th Street (The Site), a fully entitled ~80,000 zoning floor area ("ZFA") residential condo development opportunity in the prestigious Union Square neighborhood. The Site encompasses a 6,660 square foot parcel situated on the south side of East 16th Street between Union Square East and Irving Place, offering an exceptional opportunity with comprehensive entitlements, approved design, and shovel-ready construction status. The Site represents a rare, fully de-risked development opportunity where ownership has invested considerable resources and time to complete a complex Uniform Land Use Review Procedure (ULURP) process, secure special permits from the City Planning Commission (CPC) and validate the transference of development rights from the adjoining landmarked property with the Landmarks

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Attributes

Block / Lot

871 / 74

Lot Dimensions

64.5' x 103.25'

Lot Square Footage

6,660

Zoning

C6-2A

Maximum Zoning Floor Area

79,822

Maximum Building Height

283' (Modified through ULURP Process)

Media

Investment Highlights

SHOVEL-READY DEVELOPMENT

110 East 16th Street represents a rare, fully entitled and approved luxury residential development that is 90% complete through the critical Design/Permit phase.

MAXIMIZED DEVELOPMENT POTENTIAL

Through strategic assemblage, ownership has secured air rights from two adjacent neighbors, increasing the total development to 79,822 ZFA—an 84% increase in buildable area.

EXCEPTIONAL HEIGHT & VIEW PREMIUM

The project benefits from approved special permits granting a maximum building height of 283 feet—well in excess of the surrounding area’s 120-foot height limit. This extraordinary height advantage ensures that the upper floors will feature sweeping and unobstructed 360-degree views.

RECORD-LOW SUPPLY MEETS GROWING DEMAND

Manhattan’s luxury condominium market is entering a phase of record-low supply, with new development inventory having fallen roughly 70% over the past six years to its lowest third-quarter level since 2014. Historically, these low condo supply periods have been followed by dramatic price appreciation.

STRATEGIC MARKET TIMING OPPORTUNITY

The fully entitled, shovel-ready status provides developers with unprecedented flexibility to capitalize on optimal market timing. Launching now positions unit presales for mid-2027, aligning with the next projected period of historically low supply and price appreciation.

FINANCING EFFICIENCY & DE-RISKED PROFILE

With entitlements complete, design substantially finished, and permits actively progressing, the project presents significantly reduced execution risk to lenders and equity partners.

PREMIER UNION SQUARE LOCATION

110 East 16th Street is ideally positioned in the dynamic Union Square corridor, one of Manhattan’s most vibrant and sought-after neighborhoods.

EXCEPTIONAL CONNECTIVITY

The Site enjoys unparalleled transportation access with proximity to Union Square Station, one of Manhattan’s busiest transit hubs serving the 4 5 6 N Q R W L train lines, providing seamless connectivity to all points throughout the city.