Elghanayan brothers finalize Rockrose split

New York /
Sep.September 29, 2009 04:29 PM
alternate textThe three Elghanayan brothers, from left: Thomas, Henry and Frederick

The 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.

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 streetFrom 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.


Related Articles

arrow_forward_ios
The Real Deal interviews TF Cornerstone's Tom Elghanayan at REBNY's 124th annual banquet.

TF Cornerstone exec: How I got over Amazon dumping LIC

TF Cornerstone exec: How I got over Amazon dumping LIC
Vornado CEO Steve Roth and Macklowe Properties founder Harry Macklowe (Credit: Getty Images and iStock)

The CEO waiting game

The CEO waiting game
IRL: FanDuel jumps to Rockrose’s 300 PAS

IRL: FanDuel jumps to Rockrose’s 300 PAS

IRL: FanDuel jumps to Rockrose’s 300 PAS
From left: K. Thomas, Frederick and Henry Elghanayan

With 99 John Street deal, Elghanayan brothers finalize split

With 99 John Street deal, Elghanayan brothers finalize split
Placeholder image

Rockrose backs off 575 Lexington acquisition

Rockrose backs off 575 Lexington acquisition
Placeholder image

Rockrose S. Street Seaport rental leased up

Rockrose S. Street Seaport rental leased up
Placeholder image

Rockrose S. Street Seaport rental leased up

Rockrose S. Street Seaport rental leased up
Placeholder image

TRD tours TF Cornerstone’s rental 505W37

TRD tours TF Cornerstone’s rental 505W37
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...