Edward J. Minskoff signs ground lease with Edison Properties for NoHo dev site

Developer Edward J. Minskoff Equities through the entity 375 Lafayette Ground Lessee LLC as tenant signed a ground lease for an undisclosed term and undisclosed value with landlord Edison Properties through the entity 375 Lafayette Street Properties, L.P. covering the three-parcel parking lot (G6) at 30 Great Jones Street in NoHo, Manhattan. The expected use is ground up development. Minskoff developed 51 Astor Place, a modern office building, five block north.
The memorandum of lease closed on June 12, 2025 and was recorded on July 7, 2025. The three properties have zero square feet of built space and 98,875 square feet of additional air rights for a total buildable of 98,875 square feet according to a PincusCo analysis of city data.
The signatory for Edison Properties was John Dario. The signatory for Edward J. Minskoff Equities was Edward J. Minskoff . This is a ground lease with an undisclosed expiration date. It includes a 24 month “Interim Period” which began June 12, during which Minskoff can investigate the site but does not control it. “The Lease grants Tenant no option or other right to expand, renew, extend or purchase.”

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Edward J. Minskoff Equities had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Edison Properties purchased 17 properties in three transactions for a total of $784 million and sold 16 properties in two transactions for a total of $775.8 million over the same time period.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In NoHo, The majority, or 55 percent of the 3.8 million square feet of commercial built space are office buildings, with elevator buildings next occupying 14 percent of the space. In sales, NoHo has had very little sales volume relative to other neighborhoods with $114.4 million in sales volume in the last two years. For development, NoHo has had very little major development activity relative to other neighborhoods.It had 360,193 square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On the tax block of N/A Great Jones Street, PincusCo has identified the owners of 11 of the 17 commercial properties representing 132,288 square feet of the 174,461 square feet. The largest owner is Lonicera Partners, followed by New York University and then North River Investment.
On the tax block, there was one new building construction project filed totaling 98,788 square feet. It is a 98,788 square-foot business (B) building submitted by SK Development and filed by Scott Shnay with plans filed January 7, 2021 and permitted December 8, 2022.

The majority, or 42 percent of the 174,461 square feet of built space are office buildings, with mixed-use buildings next occupying 28 percent of the space.

The seller

The PincusCo database currently indicates that Edison Properties owned at least 24 commercial properties with 723 residential units in New York City with 860,978 square feet and a city-determined market value of $159.5 million. (Market value is typically about 50% of actual value.) The portfolio has $65 million in debt, borrowed from Greystone & Co. and Edison Properties. Within the portfolio, the bulk, or 74 percent of the 860,978 square feet of built space are elevator properties, with industrial properties next occupying 18 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Edward J. Minskoff Equities owned at least two commercial properties with seven residential units in New York City with 239,879 square feet and a city-determined market value of $66.7 million. (Market value is typically about 50% of actual value.) The portfolio has $125 million in debt, with top three lenders as U.S. Bank, Bank of America, and Citibank respectively. Within the portfolio, the bulk, or 87 percent of the 239,879 square feet of built space are office properties, with D9 properties next occupying 13 percent of the space. The bulk, or 87 percent of the built space, is in Queens, with Manhattan next at 13 percent of the space.

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