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11 East 26th Street with Henry and Justin Elghanayan (Google Maps, Getty)
UPDATE, April 30 2021, 11:25 a.m.: At least one developer is looking at the office market through rose-colored glasses.
Rockrose Development purchased a 14 percent interest in a 218,000-square-foot office building at 11 East 26th Street in Nomad for $32.9 million. The investment values the pre-war building at $235 million, down only slightly from its pre-pandemic valuation of $246 million.
The purchase gives Rockrose a 42.5 percent tenant in common interest in the building, according to property records, which is a non-controlling share. Adams & Company’s David Levy, whose firm is the managing agent for the building and first bought into it in 1968, said he expects no major changes to the property. ....

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