Rescue Op: Meadow, RXR, GreenBarn Provide Lifeline for NYC Tower

October 1, 2025

Finance New York News Northeast More Office

The Midtown property has an outstanding loan from Wells Fargo Bank that was recently extended.

Meadow Partners, along with GreenBarn Investment Group and RXR, has led a $36 million preferred equity investment for a Midtown Manhattan office building near Bryant Park. The property, 1166 Avenue of the Americas, is owned by an affiliate of Edward J. Minskoff Equities.

This deal represents another example of “rescue capital” being deployed in commercial real estate to help owners manage looming loan obligations. According to Yardi Research Data, the 44-story Class A tower has an outstanding loan from Wells Fargo Bank that was recently extended. The $36 million infusion is intended to bridge the financing gap.

Higher post-pandemic interest rates have prompted banks to demand larger upfront equity from owners seeking new loans. A preferred equity investment allows private credit lenders to offer this assistance.

Built in the 1970s, the 561,000-square-foot tower underwent a renovation in 2017, including new amenities such as a conference center, tenant lounge, fitness center and ground-floor retail. The building’s location offers strong transit access, with four public transit stations nearby, including subway and bus connections. Grand Central Terminal, Penn Station, the Port Authority and Rockefeller Center are all within walking distance.

Through these preferred equity investments, Meadow Partners seeks to deliver equity-like returns while maintaining debt-like risk controls. Since its foundation in 2009, the private equity firm has invested $566 million in 17 transactions.

Reaching a high occupancy rate

The tower remains 98 percent leased, with tenants averaging 10-year terms. In January, JLL brokered a 147,543-square-foot lease with the FDIC, which relocated to a portion of the seventh floor and the entirety of floors eight, nine and 10. Earlier this summer, LEK Consulting announced it will be relocating to the tower under a 54,000-square-foot lease for the 24th floor, and most recently, Epiq signed a 17,850-square-foot lease for the 12th floor, Commercial Observer reported. JLL facilitated all deals and each tenant signed for 10 years. Other tenants include Axis Insurance, LensCrafters, T-Mobile, Citi and FTI Consulting, Yardi Research Data shows.

According to Cushman & Wakefield’s Manhattan office report for the second quarter of 2025, leasing in the NYC borough reached its highest-performing quarter since 2019, with 8.4 million square feet of leasing activity. Renewals also rose approximately 47 percent from the same time frame in 2024, with 4.7 million square feet.

Nearby, Rudin Management secured a $60 million refinancing loan for its property at 641 Lexington Ave., while CBRE recently brokered a 43,000-square-foot lease at another Meadow-owned building, 295 Fifth Ave.