From left: Rockrose Development principals Henry and Justin Elghanayan and an early rendering of 43-10 Crescent StreetWhile TF Cornerstone has been busy building residential towers on the Long Island City waterfront since it split from Rockrose Development in 2009, the New York Times reported Rockrose Development is just now starting construction on its first project without brothers Tom and Fred Elghanayan further inland in the Court Square area of Long Island City.

The project is a 42-story, 709-unit rental building called Linc LIC at 43-10 Crescent Street that’s expected to be complete in 2013. Rents will be $38 per square foot, about 25 percent below what a comparable Manhattan development would command, according to Rockrose, and similar to other new rental developments in the area. [more]

From left: K. Thomas Elghanayan and brother Frederick started TF Cornerstone

Now that the division of Rockrose has been finalized, the two younger Elghanayan brothers are looking to snap up distressed assets. “Our plan is to look for properties that are in some form of incomplete state,” K. Thomas Elghanayan, who with his brother Frederick is now doing business under the name TF Cornerstone, told The Real Deal.
“We can take something that’s half-built and we can finish it, manage
it, rent it out, sell it, and do whatever we need to do. We’re looking
at a couple of opportunities like that, where we’d be buying these
[properties] from financial institutions.” In fact, he said, TF (for Thomas and Frederick) Cornerstone is close to making a deal on two properties in the New York metro area: one is a “broken condo,” and another is a development deal where construction started and stopped. [more]