Lonicera Partners assembles site at Bowery corner in NoHo: Property records

Lonicera Partners is assembling a potential development site at the northwest corner of Great Jones Street and the Bowery in NoHo, Manhattan, according to a PincusCo analysis of property records. The assemblage was disclosed through several transactions recorded yesterday. In the first, Lonicera signed a contract to purchase 348 Bowery for an undisclosed amount, and in the second, it took a minority stake in 350 and 352 Bowery, which are just to the north.

In the first transaction, Lonicera Partners through the entity Bowery Jones Venture, LLC signed a contract to pay Anthony C. Marano and Anthony M. Marano through the entity 42424 Realty Inc. an undisclosed amount for the industrial building (G9) at 348 Bowery in NoHo, Manhattan.
The deal closed on April 17, 2025 and was recorded on April 22, 2025. The property has 1,158 square feet of built space and 14,417 square feet of additional air rights for a total buildable of 15,570 square feet according to a PincusCo analysis of city data.

In the second, Lonicera Partners through the entity 350-352 Bowery Owner LLC joined new partners Anthony C. Marano and Anthony M. Marano, who formerly owned the properties through the entity Three To Get Ready, LLC,  as owners of the two-unit mixed-use building (S2) at 350 Bowery and the two-unit mixed-use building (S2) at 352 Bowery.

The most recent loan totaled $10 million and was provided by Hirshmark Capital on November 17, 2022.
The deal closed on April 17, 2025 and was recorded on April 22, 2025. The two properties have 11,665 square feet of built space and 27,221 square feet of additional air rights for a total buildable of 38,890 square feet according to a PincusCo analysis of city data. It’s unclear if any of those air rights were sold to the adjacent CBSK Development office project.

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 received $1,880 in OATH penalties 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 $88.5 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 334,640 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 350 Bowery, 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 Anthony M. Marano, 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 Anthony C. Marano owned at least three commercial properties with seven residential units in New York City with 14,841 square feet and a city-determined market value of $30.7 million. (Market value is typically about 50% of actual value.) The portfolio has $5.7 million in debt, borrowed from Connectone Bank. Within the portfolio, all identified are mixed-use properties. They are all located in Manhattan.
The PincusCo database currently indicates that Anthony M. Marano owned at least two commercial properties with four residential units in New York City with 11,665 square feet and a city-determined market value of $26.5 million. (Market value is typically about 50% of actual value.) The portfolio has $7.8 million in debt, borrowed from Titan Capital ID. Within the portfolio, all identified are mixed-use properties. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Lonicera Partners owned at least 13 commercial properties with 785 residential units in New York City with 260,173 square feet and a city-determined market value of $52 million. (Market value is typically about 50% of actual value.) The portfolio has $378.1 million in debt, with top three lenders as Santander Bank, City National Bank, and Santander Bank respectively. Within the portfolio, the bulk, or 55 percent of the 260,173 square feet of built space are elevator properties, with development properties next occupying 14 percent of the space. The bulk, or 97 percent of the built space, is in Brooklyn, with Queens next at 2 percent of the space.
The PincusCo database currently indicates that Anthony C. Marano owned at least three commercial properties with seven residential units in New York City with 14,841 square feet and a city-determined market value of $30.7 million. (Market value is typically about 50% of actual value.) The portfolio has $5.7 million in debt, borrowed from Connectone Bank. Within the portfolio, all identified are mixed-use properties. They are all located in Manhattan.
The PincusCo database currently indicates that Anthony M. Marano owned at least two commercial properties with four residential units in New York City with 11,665 square feet and a city-determined market value of $26.5 million. (Market value is typically about 50% of actual value.) The portfolio has $7.8 million in debt, borrowed from Titan Capital ID. Within the portfolio, all identified are mixed-use properties. They are all located in Manhattan.

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