Real estate private equity firm Meadow Partners has made an investment in a decade-plus-old Manhattan property at the crossroads of the East Village, Greenwich Village and NoHo neighborhoods.
Meadow’s $62 million investment for 51 Astor Place, an office tower built in 2013, comes in the form of preferred equity, JLL said Thursday in a statement. JLL's capital markets group arranged the transaction on behalf of building ownership, a joint venture of Edward J. Minskoff Equities and LaSalle Investment Management.
The property, bounded by Astor Place, Third Avenue, Fourth Avenue and East Ninth Street, counts among tenants TurboTax software maker Intuit and DailyMail.com, JLL said. With 14- to 18-foot slab-to-slab ceiling heights, it also features amenities including a tenant-only lounge, conference space, a gym and a private outdoor terrace.
The availability rate in Greenwich Village, where the 400,000-square-foot property sits, is 11.7%, slightly lower than the metro average of 13.3%, according to a CoStar analysis. The property also stands out in the area, as the CoStar study found the building size there averages just 63,000 square feet with the average building age of 109 years, older than in any other office cluster in Manhattan.
JLL Senior Managing Director Kelly Gaines, part of the team that worked on the deal, described the area as “one of Manhattan’s most supply-constrained office submarkets.”
For the record
The JLL Capital Markets team representing building ownership, besides Gaines and Senior Managing Director Drew Isaacson, included Directors Christopher Pratt and Jennifer Zelko. A JLL team led by Paul Glickman represents 51 Astor in the leasing market.