Meadow Partners Provides $62M Pref Equity Investment for 51 Astor Place
The 386,000-square-foot office building opened in 2013 and is co-owned by Edward J. Minskoff Equities and LaSalle Investment Management
By Brian Pascus January 21, 2026 2:31 pm
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Edward J. Minskoff Equities and LaSalle Investment Management have secured $62 million in preferred equity into their ownership of 51 Astor Place, a 12-story, 386,000 square-foot office building in Downtown Manhattan, Commercial Observer can first report.
Meadow Partners provided the capital, while JLL Capital Markets’ Kelly Gaines, Drew Isaacson, Christopher Pratt and Jennifer Zelko arranged the equity.
Marc Mechanic, a partner at Meadow Partners, described the joint venture in a statement as “high-quality sponsors” and characterized 51 Astor Place as “an institutional asset. He noted that his firm has had a “longstanding partnership” with Minskoff and also spoke favorably of the New York City office market.
“As the Manhattan office market continues to favor premier locations and well-capitalized ownership, we remain committed to supporting opportunities that benefit from durable demand and thoughtful execution,” said Mechanic.
JLL’s Gaines said in his statement that this preferred equity investment will allow Minskoff and Lasalle to execute ongoing leasing and new tenant improvements “without disturbing an existing below-market CMBS loan.”
“51 Astor Place stands at the intersection of exceptional design, strong sponsorship and one of Manhattan’s most supply-constrained office submarkets,” Gaines added.
Sitting at 51 Astor Place in a corner bounded by Third Avenue, Fourth Avenue and East Ninth Street, the 12-story office occupies an entire city block and is home to corporate tenants such as Intuit, Perceptive Advisors, Tudor Investments and DailyMail.Com.
The building, which is known as the “Death Star” due to its menacing, all-glass appearance, opened in 2013 and includes a tenant lounge, conference center, fitness center, and a private outdoor terrace.
JLL’s Isaacson said in a statement that even as the market continues to experience broad uncertainty, investors continue to show interest in institutional-quality office buildings that have been constructed in the last 15 years.
“Top-tier buildings like 51 Astor Place with strong tenancy and limited competitive supply are attracting differentiated capital seeking long-term durability and upside,” he added.
Brian Pascus can be reached at bpascus@commercialobserver.com.
