Lonicera Partners pays $2.3M for air rights at NoHo dev project

Lonicera Partners through the entity Bowery Jones Owner, LLC paid $2.3 million to Manhattan Five Partners through the entity Mh 356 Bowery, LLC for an air rights transfer of 11,886 square feet from 356 Bowery in NoHo, Manhattan, to a three parcel development site at 348, 350 and 352 Bowery . The expected use is new construction.
The deal closed on December 22, 2025 and was recorded on January 26, 2026. The 11,886 square feet of air rights equates to a sale price of  $193.5 per foot, according to a PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Manhattan Five Partners was Jeffrey Srulowitz . The signatory for Lonicera Partners was Jamie R. Anthony III . These are air rights Manhattan Five is selling from 356 Bowery to the development site at 348, 350, 352 Bowery, which is at the corner of Great Jones Street.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Lonicera Partners purchased four properties in three transactions for a total of $15 million and sold two properties in two transactions for a total of $5 million over the past 24 months.
The seller Manhattan Five Partners had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Jeffrey Srulowitz, head officer. The business entity is Mh 356 Bowery Llc.

The property

The 1-4 family building with 4 residential units in NoHo has 18,978 square feet of built space and 53,330 square feet of additional air rights for a total buildable of 72,310 square feet according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 108 feet deep with a total lot size of 1,785 square feet. The lot is irregular. The zoning is M1-6/R10 which allows for up to 10 times floor area ratio (FAR) for manufacturing and up to 10 times FAR for residential with inclusionary housing. The property is in the NoHo Historic District Extension. The city-designated market value for the property in 2022 is $4.8 million.

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

For the tax lot buildings, one out of the four buildings received a initial certificate of occupancy in the last ten years. On these lots, there is one active new building construction project, M01335408, for a 88-unit, 135,845 square-foot R-2 building. The project was submitted by Lonicera Partners and filed by John Evans with plans filed December 30, 2025 and it has not been permitted yet.

The block

On the tax block of 356 Bowery, PincusCo has identified the owners of 13 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 were two new building construction projects totaling 234,633 square feet. The largest is a 88-unit, 135,845 square-foot residential (R-2) building submitted by Lonicera Partners and filed by John Evans with plans filed December 30, 2025 and it has not been permitted yet. The second largest 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 Manhattan Five Partners owned at least one commercial property with four residential units in New York City with 6,155 square feet and a city-determined market value of $5.5 million. (Market value is typically about 50% of actual value.) The portfolio has $6.3 million in debt, borrowed from Israel Discount Bank. The portfolio consists of at least a single C3 property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Lonicera Partners owned at least 15 commercial properties with 789 residential units in New York City with 271,838 square feet and a city-determined market value of $78.4 million. (Market value is typically about 50% of actual value.) The portfolio has $400.3 million in debt, with top three lenders as City National Bank, Santander Bank, and Santander Bank respectively. Within the portfolio, the bulk, or 52 percent of the 271,838 square feet of built space are elevator properties, with development properties next occupying 14 percent of the space. The bulk, or 93 percent of the built space, is in Brooklyn, with Manhattan next at 5 percent of the space.

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