Madeline Elghanayan
Madeline Hult Elghanayan, wife of TF Cornerstone Chairman Thomas Elghanayan and a 20 year veteran of the real estate industry, joined Prudential Douglas Elliman as a senior vice president two weeks ago, the firm announced. She’s working out of the 575 Madison Avenue office.
Elghanayan last worked for the Corcoran Group, which she joined 10 years ago via the Sunshine Group when it was sold to the brokerage in 2002. [more]
Thomas Elghanayan
The Elghanayan brothers’ TF Cornerstone has more than a dozen residential projects rising in Long Island City, of 35 total in the area, the New York Observer reported. So what makes the Elghanayans, who left their brother Henry, of Rockrose Development, to form TF Cornerstone in 2009, so confident that Queens is the next Williamsburg? “It’s four minutes on the 7 train to Grand Central [Terminal],” Thomas Elghanayan told the paper.
Elghanayan goes on to say that LIC is “the prime outer-borough location,” that TF Cornerstone has refinanced its entire portfolio to the tune of $1.1 billion, and that while he is glad Henry is building in the same area, his and Frederick’s is “the real luxury property out there.” [more]
Developer TF Cornerstone has named the Winick Realty Group as its exclusive retail leasing agent for 11 properties. Winick
will be responsible for marketing the retail space at the TF
Cornerstone properties, containing more than 50,000 square feet of retail space. A top priority now is leasing out more than 28,000 square feet of retail real estate at TF Cornerstone’s new mixed use towers at 455 and 505 West 37th Street, near 10th Avenue, Winick said. TRD [more]
Duane Reade, the New York City drug store mainstay that’s been updating its image over the past year, has announced that a new 8,500-square-foot location at 200 Water Street will be the first store to feature its new, remodeled interior. The drug store reportedly chose the location in part because of the influx of renters in the region, as 15 new residential buildings have cropped up in the Financial District in the last four years, according to Patricia Dunphy, senior vice president of Rockrose Development, which owns the 200 Water Street building. Duane Reade plans to re-brand 100 of its 253 locations in the city this year, adding better-lit, wider aisles and new interior fixtures.
[more]
The three Elghanayan brothers, from left: Thomas, Henry and FrederickThe former heads of residential giant Rockrose Development have finalized the details of their split, the two companies confirmed today, ending months of speculation about how the Elghanayan brothers would divide their real estate empire. H. Henry Elghanayan, the oldest of the brothers, who is keeping the Rockrose name, is now doing business at 666 Fifth Avenue, according to a statement released by Rockrose. He will retain some 2,600 apartment units and a 60,000-square-foot development site across from the Javits Center, Rockrose said, and will be developing “three strategic sites” in Long Island City. [more]
As the Elghanayan brothers draw closer to finalizing their split, details are emerging on how they will likely divvy up their massive New York City residential real estate portfolio. Thomas and Frederick Elghanayan, who recently announced that they would leave residential giant Rockrose, will retain control of new condominiums 99 John Deco Lofts and the View in Long Island City, as well as rental buildings 2 Gold Street and 455 West 37th Street, sources familiar with the situation confirmed. As first reported by Crain’s, the two younger Elghanayans announced in April that they would leave Rockrose to form their own company, prompting speculation about how the entities would divide up their portfolio of some 20 New York City residential apartment buildings with more than 5,000 units. Thomas and Frederick will remain in the company’s 290 Park Avenue South headquarters and reportedly will soon begin operating under the name TF Cornerstone, while taking control of the company’s five commercial buildings in Washington, D.C. Their older brother, Houchang “Henry” Elghanayan, will maintain the Rockrose name and relocate to 666 Fifth Avenue. [more]
From the July issue: In 1970, Houchang “Henry” Elghanayan, then about 30 years old, founded
a real estate company along with his younger brother Thomas, and was
joined later by brother Frederick. The trio named their business the
Rockrose Corporation, after Rockrose Place, the street they grew up on
in Forest Hills, Queens. Over its 39-year history, Rockrose built itself into one of the
biggest residential success stories in New York real estate. The
company has 20 residential apartment buildings in New York City, mostly
rental buildings, which include more than 5,000 units. In addition,
Rockrose has five commercial office buildings in New York and six in
Washington, D.C.
Now, after nearly 40 years together, the three Elghanayan brothers
are about to formally split up the powerful real estate empire they
created. [more]
