The Real Deal New York

Estate of Elghanayan family member shops UES resi portfolio

Pair of apartment buildings and development site could fetch $400M or more: sources
By Rich Bockmann | June 11, 2015 12:39PM

A branch of the Elghanayan real-estate family tree is looking to sell an Upper East Side residential portfolio that could go for $400 million or more, The Real Deal has learned.

The estate of Aghadjan Elghanayan, one of five brothers who emigrated from Iran and birthed a real estate dynasty that includes the companies Rockrose Development and TF Cornerstone, has put a pair of rental buildings and a development site on the market, according to prospective buyers who got an early look at the properties.

The apartment buildings, one at 250 East 63rd Street and the other at 355 East 72nd Street, hold a combined 330 units and nearly 373,000 square feet. The development site, which sits next to the 63rd Street building at 1179 Second Avenue, holds 84,500 buildable square feet, which could be boosted to north of 100,000 square feet with an inclusionary housing bonus.

The portfolio is expected to fetch between $400 million and $450 million, sources said. Bob Knakal, Clint Olsen and Guthrie Garvin of Cushman & Wakefield have the listing. The brokers declined to comment.

Aghadjan, also known as “John,” died in 2003. One of his brothers, Nourollah, is the father of Henry, Thomas and Frederick, the three brothers who founded the giant development firm Rockrose in 1970.

They split the company in 2009, with Henry keeping the Rockrose name and Thomas and Frederick branching off to form TF Cornerstone.