Elghanayan brothers finalize Rockrose split
September 29, 2009 04:30PM By Candace Taylor
The three Elghanayan brothers, from left: Thomas, Henry and FrederickH. 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.
As The Real Deal reported in August, Rockrose will retain control of the following rental buildings: 200 Water Street in the Financial District; the Archive at 110-114 Horatio Street; 100 Jane Street, Midwest Court on 53rd Street; 22 River Terrace and Tribeca Pointe in Battery Park City; and East Coast at 4705 Center Boulevard in Long Island City.
Elghanayan's two younger brothers, K. Thomas and Frederick, recently announced that they would leave Rockrose to from their own company, TF Cornerstone, operating out of former Rockrose headquarters at 290 Park Avenue South.
TF Cornerstone was not immediately available for comment but a spokesperson for the company confirmed that it will maintain control of 505 West 37th Street, an 835-unit rental project being developed across the street from rental development 455 West 37th Street, which the younger Elghanayans will also keep.
TF Cornerstone will retain control of 340 East 34th Street, a rental building formerly expected to remain in the Rockrose portfolio, new condominiums 99 John Deco Lofts and the View in Long Island City, as well as rental buildings 2 Gold Street and 45 Wall Street in the Financial District, Chelsea Centro on 26th Street, the Fairfax at 201 East 69th Street, Plaza West on 35th Street, Turtle Bay Towers on 46th Street, and 95-97 Horatio Street in the West Village.
According to a statement from Rockrose, there will continue to be shared ownership of several Manhattan and Washington, D.C. office buildings. Crain's reported in April that TF Cornerstone will take over the company's five commercial buildings in Washington, D.C.
Employees staying with Rockrose include Henry Elghanayan's son, Justin, as well as Richard Brancato, Patricia Dunphy, Allen Dzbanek and Andy Singer.
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Comments
Anonymous
Strange, why would the older brother get 3 sites in LIC, when the TF guys run the former Rockrose rental buildings? There's the Rockrose Court Square commercial building that they have yet to build and 4 other Hunters Point 'sites.' I wonder which brothers get which site?
Comment #1 Posted By: Anonymous 09/29/09
Anonymous
I love these guys. They are the best. Classy and thorough. Good luck to all of them.
Comment #2 Posted By: Anonymous 09/30/09
Anonymous
Rockrose is a lackluster company at best. Performing shoddy renovations of its rental properties (i.e. 200 Water Street), and charging obscene prices does NOT make it a luxury building. Nepotism runs amuck in every way possible (there's at least one member of their family in each building, who clearly is not qualified to perform their appointed jobs). This company is going to hell. ~former rockrose employee
Comment #3 Posted By: Anonymous 09/30/09
Anonymous
i might agree with you on the one point about the company going to hell if they employed idiots like you.> former Rockrose employee. circa 2003
Comment #4 Posted By: Anonymous 09/30/09