Lonicera Partners signs $22.2M refi with First Citizens for three properties in NoHo

Lonicera Partners through the entity Bowery Jones Owner, LLC as borrower signed a refi loan with lender First Citizens Bank through the entity First-Citizens Bank & Trust Company valued at $22.2 million for three properties with four residential units including the two-unit mixed-use building (S2) at 350 Bowery, two-unit mixed-use building (S2) at 352 Bowery, and the property (G9) at 348 Bowery in NoHo, Manhattan.
The deal closed on October 31, 2025 and was recorded on December 15, 2025. The prior lender was Hirshmark Capital which held debt that had an original loan amount of $15.8 million.The three properties have 12,823 square feet of built space and 41,638 square feet of additional air rights for a total buildable of 54,460 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $1,732 and the price per buildable square foot is $407 per the 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 Lonicera Partners was Jamie R. Anthony . The signatory for First Citizens Bank was Ted Dalton .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 350 Bowery.

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Anthony Marano, head officer. The business entity is Three To Get Ready,Llc.

The property

The mixed-use building with 2 residential units in NoHo has 12,823 square feet of built space and 41,638 square feet of additional air rights for a total buildable of 54,460 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 91 feet deep with a total lot size of 1,873 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 city-designated market value for the property in 2022 is $11.9 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 received $2,650 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 $134.4 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 226,766 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On the tax block of 350 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 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 borrower

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 $378.1 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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