Henry Elghanayan Of Rockrose Development Modifies $51.2M Loan With Equitable Financial In Flatiron District
15 East 26th Street
$51,200,000
$365/SF
Building Size
140,025 SF
Asset Type
Office
Closing
Apr 9, 2025
AI
An office property located at 15 East 26th Street in the Flatiron District of Manhattan comprises a total square footage of 140,025. The property is associated with a loan amount of $51,200,000, modified by Rockrose Development with Equitable Financial Life Insurance.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $51,200,000
- Address: 15 East 26th Street
- Market: Flatiron District, Manhattan
- Landlord: Henry Elghanayan - Rockrose Development
- Lender: Equitable Financial Life Insurance
Henry Elghanayan represents Rockrose Development in this transaction, which involves the modification of the existing loan for the property situated in a prominent location in Manhattan.
New York Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.31%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93