The Institute for Extraspatial Studies was an institute that was created in search of extra-dimensional energy sources. Its lab was located on the SE corner of the Fortieth and Seventh across the Utopia cinema and the Promethean company. Bernard has his newsstand outside that building.
The Monster materialized just inside the building, destroying it utterly, and killing everyone around the neighborhood. It is possible that the Institute was a ruse to be considered responsible for the arrival of the monster.
After the massacre, the building was demolished and being framed by Pyramid Construction.