JV Lands $62M for Manhattan Office Asset
Meadow Partners issued the preferred equity financing.
A partnership between Edward J. Minskoff Equities and LaSalle Investment Management has secured $62 million in preferred equity for 51 Astor Place, a 386,000-square-foot office building in Lower Manhattan.
Meadow Partners provided the note in a deal arranged by JLL Capital Markets.
The property previously became subject to two fixed-rate loans in 2015. Bank of America issued a $96.5 million note, while Wells Fargo Bank originated a $273.5 million CMBS loan. Both fundings have a maturity date scheduled for 2027, according to Yardi Matrix information.
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Developed by Minskoff Equities and designed by Fumihiko Maki, 51 Astor Place came online in 2012 in Manhattan’s NoHo neighborhood. The LEED Gold-certified property rises 12 stories, featuring floorplates ranging from 27,220 to 42,232 square feet, the same data provider shows. The mid-rise encompasses almost 18,760 square feet of retail space on the first floor and another 12,660 square feet underground, while the office spaces are located between the second and 12th floors. Amenities comprise a tenant lounge, conference center, fitness facility and private outdoor terrace.
The tenant roster includes Perceptive Advisors, Dmg Media, Tudor Investments and Intuit, which signed a 10-year lease expansion in 2025 and now occupies a total of 115,000 square feet across third to seventh floors.
JLL Capital Markets Senior Managing Directors Kelly Gaines and Drew Isaacson, together with Directors Christopher Pratt and Jennifer Zelko arranged the deal. A JLL team led by Vice Chairman Paul Glickman represents the property in the leasing market.
Manhattan office market maintains top spot
In December 2025, Manhattan’s average office listing rates clocked in at $68.36, down 0.1 percent year-over-year, positioning the borough first in the U.S. yet again, according to the latest Yardi Matrix office report. Meanwhile, the national average listing rate stood at $32.86, down 0.8 percent compared to the same time a year prior. During the same month, Manhattan also had the lowest office vacancy nationwide, standing at 13.6 percent, down 300 basis points over a 12-month period.
In broader commercial real estate trends, borrowing activity increased significantly in 2025, according to a Mortgage Bankers Association report. In the third quarter of last year, commercial and multifamily mortgage loan originations rose 36 percent year-over-year and 18 percent quarter-over-quarter. The dollar volume of loans for office properties surged 181 percent compared to the same period in 2024, reflecting investors’ renewed sentiment toward refinancing maturing office debt.
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