Meadow Partners and GreenBarn Investment Group Lead $36 Million Preferred Equity Investment in 1166 Avenue of the Americas in Midtown Manhattan
Meadow Partners ("Meadow"), an institutional middle-market real estate private equity firm, GreenBarn Investment Group ("GreenBarn"), and RXR are pleased to announce a $36 million preferred equity investment in 1166 Avenue of the Americas in Midtown Manhattan.
Owned by an affiliate of Edward J. Minskoff Equities ("EJME"), 1166 Avenue of the Americas is a 561,000-square-foot Class A office condominium located along the Bryant Park corridor. EJME has achieved great success leasing to tenants such as FTI Consulting, William Blair, Janney Montgomery Scott, Continental Casualty Insurance, and Axis Insurance. With recent leases to the FDIC and Epiq Systems, 1166 Avenue of the Americas is 98% leased with 10 years of weighted average lease term. EJME has also invested in a conference center and state-of-the-art amenity featuring a gym and tenant lounge.
"We are pleased to support EJME's capitalization of a premier Midtown office property together with GreenBarn and RXR," said Jeffrey Kaplan, Managing Partner of Meadow. "This preferred equity investment builds on Meadow's proven record of identifying opportunities within capital markets dislocation that can deliver equity-like returns with debt-like risk. As demand for high-quality office space in Midtown remains strong, and leasing activity in the area outperforms broader Manhattan averages, we believe 1166 Avenue of the Americas presents an attractive opportunity for Meadow to work with our longstanding borrower relationships to the benefit of our investors."
David Schonbraun, Managing Partner of GreenBarn, added, "1166 Avenue of the Americas is exactly the type of high-quality, well-leased asset we target through our preferred equity strategy. Partnering with EJME, Meadow, and RXR on this investment underscores GreenBarn's ability to move decisively and provide creative capital solutions in today's market. We are excited to support the continued success of this premier Midtown property and believe it will deliver strong long-term value for all stakeholders."
"RXR is pleased to partner with GreenBarn and Meadow in this transaction alongside EJME. 1166 Avenue of the Americas exemplifies the profile of a strategically located, institutional-quality asset, with strong tenant demand that RXR targets through our office recovery strategy," said Russ Young, EVP for Investment Management Group, RXR.
Meadow Partners has decades of experience executing complex preferred equity and mezzanine investments in high-quality, fully leased, multifamily, office, and retail properties located in prime neighborhoods. Since the firm's inception in 2009, it has invested $566 million across 17 preferred equity transactions.
About Meadow Partners
Based in New York and London, Meadow Partners is a $6.6 billion vertically integrated real estate investment manager specializing in global middle-market transactions. Since inception in 2009, Meadow has leveraged its unique platform to execute on investment opportunities across multifamily, office, industrial and retail investment on behalf of institutional investors globally. Meadow currently manages a series of commingled opportunistic funds, a perpetual life vehicle, and four core/core-plus separately managed accounts. For more information, please visit https://www.meadowpartners.com/.
About GreenBarn Investment Group
GreenBarn Investment Group, an affiliate of Rithm Capital (NYSE:RITM), is a vertically-integrated investment management firm that utilizes its extensive network and industry experience to acquire and develop real estate assets, make and invest in real estate loans, and invest in CRE credit special situations.
About RXR
RXR is an innovative real estate investment manager, operator, developer, and place-maker committed to applying a customer and community-centered approach to acquiring, operating, and building properties and to providing services and products that create enduring value for all stakeholders. Headquartered in New York with a nationally-scaled platform, RXR is an approximately 450-person, vertically integrated investment manager with expertise in a wide array of value creation activities, including acquisitions, asset and portfolio management, property operations, development, construction, leasing, and technological innovation. RXR is an active investor in real estate credit, rental housing, commercial property, and property technology through value-added and opportunistic investment strategies. The RXR platform manages 109 commercial real estate properties and investments with an aggregate gross asset value of approximately $16.6 billion, comprising approximately 30.9 million square feet of commercial properties, a multi-family residential portfolio of approximately 9,600 units under operation or development, and control of development rights for an additional approximately 3,000 multi-family and for sale units as of June 30, 2025. Gross asset value compiled by RXR in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage.
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