Rockrose signs $60M refi with Equitable for two rentals in West Village
Rockrose Development through the entity 110-114 Horatio Ii L.L.C. as borrower signed a refi loan with lender Equitable Financial Life Insurance Company through the entity Equitable Financial Life Insurance Company valued at $60 million for two residential elevator properties with 154 residential units including the 121-unit residential elevator building (D3) at 110 Horatio Street in West Village, Manhattan and 33-unit residential elevator building (D1) at 108 Horatio Street in West Village, Manhattan.
The deal closed on April 23, 2025 and was recorded on May 6, 2025. The prior lender was Fannie Mae which held debt that had an original loan amount of $60 million.The two properties have 111,280 square feet of built space and 3,175 square feet of additional air rights for a total buildable of 113,808 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $539 and the price per buildable square foot is $527 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 Rockrose Development was Richard A. Brancato.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Joseph Flanagan, head officer and Hayward Shine, officer. The business entity is 110-114 Horatio Ii Llc. The two properties with a total of 111,280 square feet of built space generated revenue of $10.3 million per year or $93 per square foot.
The property
The residential elevator building with 121 residential units in West Village has 111,280 square feet of built space and 3,175 square feet of additional air rights for a total buildable of 113,808 square feet according to a PincusCo analysis of city data. The parcel has frontage of 109 feet and is 131 feet deep with a total lot size of 14,020 square feet. The lot is irregular. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $35.8 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received one DOB violation and $1,200 in OATH penalties in the last year.
Development
For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. 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 the tax block of 110 Horatio Street, PincusCo has identified the owners of four of the six commercial properties representing 161,031 square feet of the 194,989 square feet. The largest owner is Rockrose Development, followed by Ohana Real Estate Investors and then Matthew Chirichella.
There are no active new building construction projects on this tax block.
The majority, or 57 percent of the 194,989 square feet of built space are elevator buildings, with hotel buildings next occupying 22 percent of the space.
The borrower
The PincusCo database currently indicates that Rockrose Development owned at least 34 commercial properties with 6,526 residential units in New York City with 6,586,630 square feet and a city-determined market value of $1.7 billion. (Market value is typically about 50% of actual value.) The portfolio has $2.4 billion in debt, with top three lenders as Wells Fargo, MetLife, and Deutsche Pfandbriefbank respectively. Within the portfolio, the bulk, or 71 percent of the 6,586,630 square feet of built space are elevator properties, with D4 properties next occupying 13 percent of the space. The bulk, or 43 percent of the built space, is in Manhattan, with Queens next at 36 percent of the space.
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