anonymous buyer pays $40.6M for stake in Flatiron building where Rockrose has bought stakes
An anonymous buyer either in competition with Rockrose Development or representing it, acquired 16 percent of a building which Rockrose has been slowly buying from individual shareholders. The 16 percent was acquired in three transactions. The price for a stake in the building has gone up by approximately 123 percent in just over a year. For example, Rockrose bought a 5% stake in December 2018 for $5.5 million. In one of the recent sales, a 5% stake sold for $12.3 million. Rockrose owns the adjacent building, 15 East 26th Street, where it has its corporate offices.
Meanwhile, in a similar story, Rockrose and anonymous entities have also been buying small stakes in another building, at 44 West 18th Street.
In the first transaction, the anonymous buyer Steep Hill L.L.C paid Andrew Tunick’s Sk 11 East 26th Street, LLC $16 million for a 6 percent stake in 11 East 26th Street in Flatiron. The deal closed on March 16, 2020, and was recorded on March 19, 2020. The transaction consists of 1 parcel, including the tax class office building tower type with 20 or more stories (O4). The property is 217,991 square feet.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on December 12, 2012.
Over the past five years, there have been 56 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 56 renovation/alteration projects (A2) applied for with a total estimated value of $13,086,230.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
In the second transaction, the anonymous buyer Steep Hill L.L.C paid Richard Tunick $12.3 million for a 5 percent stake in 11 East 26th Street in Flatiron. The deal closed on March 16, 2020, and was recorded on March 19, 2020.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
In the third transaction, the anonymous buyer Steep Hill L.L.C paid Andrew Tunick $12.3 million for a 5 percent stake in 11 East 26th Street in Flatiron. The deal closed on March 16, 2020, and was recorded on March 19, 2020.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link