Sovereign Partners signs $150M refi with Rialto for office in Flatiron District

Sovereign Partners through the entity 100 Fifth Owners, LLC as borrower signed a refi loan with lender Rialto Management Group through the entity Fs Creit Originator LLC valued at $150 million for the office condo at 100 Fifth Avenue in Flatiron District, Manhattan.
The deal closed on December 17, 2025 and was recorded on January 22, 2026. The prior lender was Jasper Lake Ventures One which held debt that had an original loan amount of $81.5 million.The property has 224,260 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $668 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 23, 2023, for $126.5 million. The signatory for Sovereign Partners was Cyrus Sakhai .

The property

The office condo in Flatiron District has 224,260 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 224,260 square feet. The city-designated market value for the property in 2022 is $108.8 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 neighborhood

In Flatiron District, The majority, or 71 percent of the 23.2 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Flatiron District has 2.3 times the average sales volume among other neighborhoods with $734.2 million in sales volume in the last two years and is the 14th highest in Manhattan. For development, Flatiron District is the 10th most active neighborhood among other neighborhoods. It had 5.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 24 percent of the neighborhood’s built space. There were two 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 three of the five commercial properties representing 121,899 square feet of the 187,168 square feet. The largest owner is Manhattan Skyline Management, followed by Jack Di Mauro and then East Group Capital.
There are no active new building construction projects on this tax block.

The majority, or 54 percent of the 187,168 square feet of built space are elevator buildings, with specialty buildings next occupying 32 percent of the space.

The borrower

The PincusCo database currently indicates that Sovereign Partners owned at least three commercial properties in New York City with 1,290,934 square feet and a city-determined market value of $461.2 million. (Market value is typically about 50% of actual value.) The portfolio has $350.1 million in debt, with top three lenders as MetLife, Jasper Lake LLC, and Deutsche Pfandbriefbank respectively. Within the portfolio, all identified are office properties. They are all located in Manhattan.

Direct link to Acris document. link