Rockrose Development through the entity 11 Msn L.L.C paid $148.2 million to 30 Adams & Company affiliated tenant-in-common investors for just over 50 percent of the ownership of the office building (O4) at 11 East 26th Street in NoMad, Manhattan. Rockrose has been buying stakes in the building over several years and controlled just under 50 percent. It filed a suit is New York State Supreme Court seeking a partition action. This sale is a result of that action.
Rockrose Development signed a $188.7 million acquisition loan with Deutsche Pfandbriefbank.
The deal closed on December 23, 2021 and was recorded on January 6, 2022.
The property has 217,991 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $679 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 the court representing the partition was the referee Peter R. McGreevy. The signatory for Rockrose Development was Ted Traum.
(121181167)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on December 12, 2012.
Within a 400-foot radius of 11 East 26th Street, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was for major renovation including a certificate of occupancy change. It was a permit issued on August 2, 2021 for the $5.0 million renovation of 172,046-square-foot R-2 building with 51 residential units at 212 Fifth Avenue.
One of those two items was a loan which PTS America borrowed $9.2 million from Cathay Bank secured by the 13,145-square-foot, six-unit office building (O5) on 222 5th Avenue on June 4, 2020.
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