**Minskoff Secures $62M in Preferred Equity for 51 Astor Place**
JLL Capital Markets has arranged $62 million in preferred equity for 51 Astor Place, a premier office property located in the NoHo neighborhood of Lower Manhattan. The investment was secured on behalf of the property’s ownership, a joint venture between Edward J. Minskoff Equities, Inc. and LaSalle Investment Management. The funding was provided by Meadow Partners.
The deal was facilitated by JLL’s Capital Markets team, which included Senior Managing Directors Kelly Gaines and Drew Isaacson, along with Directors Christopher Pratt and Jennifer Zelko.
Originally delivered in 2013, 51 Astor Place is a 12-story, LEED Gold-certified office building encompassing approximately 386,000 square feet. The building occupies a full city block and is recognized as a modern architectural landmark in the neighborhood. It is currently leased to a slate of high-credit tenants across retail and office sectors, including Intuit, Perceptive Advisors, Tudor Investments, and DailyMail.com. A separate JLL team, led by Paul Glickman, oversees leasing for the property.
“51 Astor Place stands at the intersection of exceptional design, strong sponsorship, and one of Manhattan’s most supply-constrained office submarkets,” said Kelly Gaines. “The preferred equity structure provided an efficient capital solution that allows the sponsor to continue executing its leasing and value creation strategy without disturbing an existing below-market CMBS loan.”
This strategic investment positions the ownership to further enhance the building’s value while reinforcing its appeal in a competitive Manhattan office market.
