As the Elghanayans’ 2009 split into two companies drifts further in the distance of the rearview mirror, the families’ wounds are beginning to heal, especially among the younger generation. In an interview with the New York Times, Rockrose Development President Justin Elghanayan, whose future within the company was among the chief reasons his father, Henry, orchestrated the split with his brothers, TF Cornerstone founders Thomas and Frederick, said there has “definitely” been healing within the families and he has a “very, very good relationship” with his cousins. That’s a departure from Henry telling The Real Deal in July that there are still scars in the families’ relationship.
Meanwhile, Elghanayan discussed his role in the company since recently being appointed president. His focus is on construction, new development, residential acquisition and the Long Island City market, where Rockrose is developing Court Square. The first phase of the 1,800-unit project, dubbed Linc LIC, has topped off and will begin leasing in the spring. Rents at the development are “a moving target,” he said, “because we keep setting the rents in our minds, then the rents are going up dramatically, 6 to 10 percent year on year.” Last November, rents were slated to be $38 per foot, now Elghanayan said it would likely be in the mid-$40s per foot.
Finally, Elghanayan touted the firm’s work at 300 Park Avenue South, which Rockrose vacated and fully leased to creative tenants, including the Smithsonian, Leo Burnett and the Whitney. [NYT] – Adam Fusfeld