Sovereign Partners pays $273M to Rockwood Capital for office building in Grand Central

Sovereign Partners through the entity 2GC Owners, LLC paid $273 million to Rockwood Capital through the entity Nrcf 2gc LLC for the office building 2 Grand Central (O4) at 147 East 44th Street in Grand Central, Manhattan. The expected use is cash flowing.
The deal closed on December 4, 2025 and was recorded on December 10, 2025. The property has 629,323 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $433 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 Rockwood Capital was David Streicher . The signatory for Sovereign Partners was Cyrus Sakhai . The contract date was November 6, 2025. The Commercial Observer reported in July that Rockwood was looking to sell the property, and The Promote reported in October that Sovereign Partners was finalizing a deal as the buyer.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Sovereign Partners purchased one property in one transaction for a total of $177 million and has no record it sold any properties over the past 24 months.
The seller Rockwood Capital had not purchased any other properties and had not sold any properties over the same time period. 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.

Development

On the lot, there is one active major alteration construction project, M00979747, for a 629,323 square-foot 53 building. The project was submitted by David Streicher with plans filed June 13, 2024 and permitted August 12, 2024.

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 $1.7 billion in sales volume in the last two years. For development, Grand Central is the 7th most active neighborhood among other neighborhoods. It had 9.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 21 percent of the neighborhood’s built space. There were six 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 five of the nine commercial properties representing 1,093,189 square feet of the 1,267,114 square feet. The largest owner is Rockwood Capital, followed by Marx Realty and then Pan Am Equities.
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 seller

The PincusCo database currently indicates that Rockwood Capital owned at least three commercial properties with 1,320 residential units in New York City with 1,826,375 square feet and a city-determined market value of $447.7 million. (Market value is typically about 50% of actual value.) The portfolio has $262.6 million in debt, borrowed from MetLife. Within the portfolio, all identified are office properties. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Sovereign Partners owned at least two commercial properties in New York City with 661,611 square feet and a city-determined market value of $213.4 million. (Market value is typically about 50% of actual value.) The portfolio has $172.7 million in debt, with top three lenders as Jasper Lake LLC, Deutsche Pfandbriefbank, and MetLife respectively. Within the portfolio, all identified are office properties. They are all located in Manhattan.

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