From what I'm seeing online, sources seem to indicate your great grandfather's father was actually not an Edward. But let's walk through this and either prove or disprove it.
His registration for the World War II draft confirms his birth date and gives his wife's name as Sarah. This is confirmed in your grandfather Raymond's birth record, where his mother's name is given as Sarah Owen. In 1900 he, his wife, and his eldest two children were living in Brooklyn, and we know this from the 1900 census. It says both of his parents were born in New York in this census.
From his birthday and birthplace, we have this transcription of his birth record... you could order the actual certificate from New York City's department of vital records. Parents are given as Edward F. McDonald and Bridget Fanning, and he was born in Manhattan, not Brooklyn.
From here, we can get Edward and Bridget's marriage record. They married in Manhattan on April 3, 1877. Edward's parents' names were Edward McDonald and Margaret Colgan, and Edward was born in New York around 1855. His wife, Bridget, she was born in Ireland around 1856 and her parents were Andrew Fanning and Margaret Brennan. These birth years and places are according to the document, which means they can be inaccurate.
Yes, your great great grandfather is an Edward, and now there are sources to back it up. Make sure to add these, if you think they're right after looking them over, to your ancestors' profiles! Sourcing information is very important on WikiTree and in general, otherwise, there will be more profiles out there on places like... say... Ancestry... that think your great great grandfather's name is William or Andrew.