Rockrose’s Justin Elghanayan says family has “very, very good relationship”

New York /
Aug.August 15, 2012 10:00 AM

As the Elghanayans’ 2009 split into two companies drifts further in the distance of the rearview mirror, the families’ wounds are beginning to heal, especially among the younger generation. In an interview with the New York Times, Rockrose Development President Justin Elghanayan, whose future within the company was among the chief reasons his father, Henry, orchestrated the split with his brothers, TF Cornerstone founders Thomas and Frederick, said there has “definitely” been healing within the families and he has a “very, very good relationship” with his cousins. That’s a departure from Henry telling The Real Deal in July that there are still scars in the families’ relationship.

Meanwhile, Elghanayan discussed his role in the company since recently being appointed president. His focus is on construction, new development, residential acquisition and the Long Island City market, where Rockrose is developing Court Square. The first phase of the 1,800-unit project, dubbed Linc LIC, has topped off and will begin leasing in the spring. Rents at the development are “a moving target,” he said, “because we keep setting the rents in our minds, then the rents are going up dramatically, 6 to 10 percent year on year.” Last November, rents were slated to be $38 per foot, now Elghanayan said it would likely be in the mid-$40s per foot.

Finally, Elghanayan touted the firm’s work at 300 Park Avenue South, which Rockrose vacated and fully leased to creative tenants, including the Smithsonian, Leo Burnett and the Whitney. [NYT] — Adam Fusfeld


Related Articles

arrow_forward_ios
Zoe Elghanayan, vice president, TF Cornerstone, along with The Berkley at 223 North 8th Street in North Williamsburg (Gad Realty NYC, TF Cornerstone)
TF Cornerstone nabs North Williamsburg rental for $71M
TF Cornerstone nabs North Williamsburg rental for $71M
A photo illustration including a rendering of Third at Bankside in Mott Haven (top left), the Cunningham apartment complex in Queens Village (bottom left), and 47-05 Center Boulevard in Long Island City (right) (Google Maps, LoopNet, iStock)
Brookfield’s $438M Bronx deal tops outer-borough loans
Brookfield’s $438M Bronx deal tops outer-borough loans
From left: Rockrose Development Corporation's COO Richard Brancato; Avison Young's Principal and Co-Lead of Tri-State Debt & Equity Finance Andrew J. "Andy" Singer; 47-05 Center Boulevard in Long Island City (Avison Young, LinkedIn/Richard_Brancato, LoopNet)
Rockrose secures $210M refi for LIC apartments
Rockrose secures $210M refi for LIC apartments
11 East 26th Street and 15 East 26th Street (Google Maps)
Rockrose takes over NoMad office building in $145M deal
Rockrose takes over NoMad office building in $145M deal
175 Park Avenue with RXR Realty's Scott Rechler and TF Cornerstone’s Frederick Elghanayan (SOM Architects, Getty, TF Cornerstone)
RXR, TF Cornerstone cleared for 1,500-foot tower at Grand Central
RXR, TF Cornerstone cleared for 1,500-foot tower at Grand Central
TF Cornerstone president Fredrick Elghanayan and 595 Dean Street (TF Cornerstone, rendering via MOSO Studio)
TF Cornerstone scores $385M loan for Prospect Heights apartment towers
TF Cornerstone scores $385M loan for Prospect Heights apartment towers
11 East 26th Street with Henry and Justin Elghanayan (Google Maps, Getty)
Rockrose investment values Nomad office building at $235M
Rockrose investment values Nomad office building at $235M
Renderings of 175 Park Avenue (Rendering via SOM)
Developers unveil plans for 1,600-foot tower at Grand Central
Developers unveil plans for 1,600-foot tower at Grand Central
arrow_forward_ios

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

Loading...