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 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.