Lonicera Partners signs lease for Bowery, Great Jones corner in NoHo

Lonicera Partners through the entity Great Jobo LLC signed a lease as tenant with Anthony Marano through the entity Bowery Corner LLC as landlord for the parcel (G9) at 348 Bowery in NoHo, Manhattan, which has been used for several years as a small food court.
The memorandum of lease was signed on October 8, 2024 and was recorded on October 11, 2024. The property has 1,158 square feet of built space.
The seller bought the property on June 2, 2008, for $3.6 million. The signatory for Lonicera Partners was Jamie Anthony. The memorandum of lease does not state the terms of the lease, and since there is no tax, the term of the lease is less than 49 years. Anthony Marano owns several properties on the block including the adjacent 350 and 352 Bowery, and 356 Bowery.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Lonicera Partners purchased one property in one transaction for a total of $35.4 million and sold three properties in three transactions for a total of $43 million over the past 24 months.
The seller had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in NoHo 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. The parcel has frontage of 26 feet and is 65 feet deep with a total lot size of 1,557 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 $986,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $680 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 1.2 times the average sales volume among other neighborhoods with $314.7 million in sales volume in the last two years and is the 24th highest in Manhattan. For development, NoHo has had very little major development activity relative to other neighborhoods.It had 400,498 square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 17 commercial properties representing 131,130 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 buyer

The PincusCo database currently indicates that Lonicera Partners owned at least 12 commercial properties with 785 residential units in New York City with 259,015 square feet and a city-determined market value of $51 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 259,015 square feet of built space are elevator properties, with development properties next occupying 14 percent of the space. The bulk, or 98 percent of the built space, is in Brooklyn, with Queens next at 2 percent of the space.

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