Rockrose signs $51.2M modification with Equitable for office in Flatiron District

Rockrose Development through the entity 15 East 26 L.L.C. as borrower signed a loan moification with lender Equitable Financial Life Insurance Company valued at $51.2 million for the property at 15 East 26th Street in Flatiron District, Manhattan.
The deal closed on April 9, 2025 and was recorded on April 16, 2025. The prior lender was Equitable Financial Life Insurance Company which held debt that had an original loan amount of $60 million.The property has 140,025 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $365 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 owner bought the property on December 17, 2013, for $105 million. The signatory for Rockrose Development was Richard A. Brancato. The signatory for Equitable Financial Life Insurance Company was Frank S. Linneen . The original loan from Equitable Financial Life Insurance Company was $60 million in July 2014. This is a modification.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Terrance Borg, head officer and Luis Serrano, officer. The business entity is 15 Madison Square North Condo. The 140,025-square-foot property generated revenue of $8.4 million or $60 per square foot, according to the most recent income and expense figures.

The property

The property in Flatiron District has 140,025 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 140,025 square feet. The city-designated market value for the property in 2022 is $42.6 million.

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 not received any significant violations 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 block

On this tax block, PincusCo has identified the owners of two of the four commercial properties representing 1,377,786 square feet of the 1,687,171 square feet. The two identified owners are New York Life Insurance Company and Rockrose Development.
There are no active new building construction projects on this tax block.

All properties are office.

The borrower

The PincusCo database currently indicates that Rockrose Development owned at least 33 commercial properties with 6,526 residential units in New York City with 6,446,605 square feet and a city-determined market value of $1.6 billion. (Market value is typically about 50% of actual value.) The portfolio has $2.3 billion in debt, with top three lenders as Wells Fargo, MetLife, and Deutsche Pfandbriefbank respectively. Within the portfolio, the bulk, or 72 percent of the 6,446,605 square feet of built space are elevator properties, with D4 properties next occupying 14 percent of the space. The bulk, or 42 percent of the built space, is in Manhattan, with Queens next at 36 percent of the space.

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