Rockwood Capital signs $262.6M refi with MetLife for office in Grand Central

Rockwood Capital through the entity Nrcf 2gc LLC as borrower signed a refi loan with lender MetLife through the entity Metropolitan Life Insurance Company valued at $262.6 million for the office building (O4) at 147 East 44th Street in Grand Central, Manhattan.
The deal closed on July 24, 2025 and was recorded on July 28, 2025. The prior lender was MetLife which held debt that had an original loan amount of $260 million.The property has 629,323 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $417 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 October 31, 2014, for $3.5 million. The signatory for Rockwood Capital was David I. Becker . The signatory for MetLife was Brett Ulrich .

Prior sales and revenue

The 629,323-square-foot property generated revenue of $37.2 million or $59 per square foot, according to the most recent income and expense figures.

The property

The office building in Grand Central has 629,323 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 200 feet deep with a total lot size of 17,573 square feet. The lot is irregular. The zoning is C5-2.5 which allows for up to 12 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $236.5 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 received $700 in OATH penalties in the last year.

The neighborhood

In Grand Central, The majority, or 83 percent of the 44.4 million square feet of commercial built space are office buildings, with hotel buildings next occupying 8 percent of the space. In sales, Grand Central has the 7th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Grand Central is the 7th most active neighborhood among other neighborhoods. It had 7.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 17 percent of the neighborhood’s built space. There were five pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of four of the nine commercial properties representing 463,866 square feet of the 1,267,114 square feet. The largest owner is Marx Realty, followed by Pan Am Equities and then HAB Bank affiliate.
On the tax block, there was one new building construction project filed totaling 35,622 square feet. It is a 35,622 square-foot business (B) building submitted by Todd Polakoff with plans filed November 14, 2017 and it has not been permitted yet.

The majority, or 88 percent of the 1.3 million square feet of built space are office buildings, with elevator buildings next occupying 6 percent of the space.

The borrower

The PincusCo database currently indicates that Rockwood Capital owned at least two commercial properties with 1,320 residential units in New York City with 1,197,052 square feet and a city-determined market value of $199.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are office properties. They are all located in Manhattan.

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