Elghanayan development site sold for $64M

Developers Chance Gordy, Steve Mills bought vacant lot at 1179 Second Ave on UES

TRD New York /
Mar.March 21, 2016 03:50 PM

Developers Chance Gordy and Steve Mills acquired an Upper East Side residential development site, part of the portfolio of the estate of Aghadjan Elghanayan, for $64.3 million.

The Real Deal reported last year that a member of the Elghanayan real estate family was looking to sell the development site and a pair of rental buildings. Multifamily investor Stanley Wasserman bought the two rental buildings at 250 East 63rd Streetand 355 East 72nd Street for more than $300 million, as TRD reported.

Gordy and Mills bought the development site at 1179 Second Avenue, an L-shaped vacant lot that has up to 87,650 square feet of residential and ground floor retail space, Crain’s reported.

The site, which wraps around the corner of East 62nd Street, will give the developers the option to Have A Residential Building Entrance On Quieter East 62nd Street with a entrance for Retail Along Second Avenue, according to Crain’s.

This is not Gordy and Mills’ first project together. Gordy’s Real Estate Inverlad Development, based in Florida, and Mills’ Third Palm Capital, based in South Carolina, are also teaming up to develop a 30-story, 67-unit condominium tower at 1059 Third Avenue. Gordy is also developing a residential building a block away from the Elghanayan development site at the corner of Second Avenue and East 61st Street, Crain’s reported.

Cushman & Wakefield’s Bob Knakal brokered the deal for all three properties.

Elghanayan, who died in 2003, was one of five brothers who emigrated from Iran. His brother Nourollah is the father to Henry, Thomas and Frederick, who together founded giant development firm Rockrose in 1970. Rockrose Development was split in 2009 with Thomas and Frederick forming TF Cornerstone.

Last year, Forbes listed the Elghanayans as the 122nd richest family in America, with a combined worth of $2.2 billion. [Crain’s]Dusica Sue Malesevic


Related Articles

arrow_forward_ios
Clockwise from top left: 180 Ashland Place. 180 East 125th Street, 35 Commercial Street and 2440 Fulton Street (Credit: Google Maps)

The top 10 biggest real estate projects coming to NYC

The top 10 biggest real estate projects coming to NYC
Rockrose Development President Justin Elghanayan and 98 DeKalb Avenue in Brooklyn

Rockrose’s new Brooklyn skyscraper will rise 47 stories

Rockrose’s new Brooklyn skyscraper will rise 47 stories
Rockrose Development Justin Elghanayan and 98 DeKalb Avenue in Brooklyn (Credit: Google Maps)

Rockrose closes $81M all-cash Brooklyn buy

Rockrose closes $81M all-cash Brooklyn buy
From left: Eagle Lofts at 43-22 Queens Street in Long Island City, 292 North 8th Street in Williamsburg and The Landing at 15 Bridge Park Drive in Brooklyn Heights (Credit: Rockrose Development, Stonehill & Taylor Architects and StreetEasy)

Rockrose’s $350M haul tops March list of outer-borough loans

Rockrose’s $350M haul tops March list of outer-borough loans
27-34 Jackson Avenue and Rockrose's Justin Elghanayan

Rockrose plans a $100M resi tower in LIC

Rockrose plans a $100M resi tower in LIC
Renderings of 555 West 38th Street and Rockrose Development's Justin Elghanayan (Credit: Rendering by Pelli Clarke Pelli)

Rockrose lands $255M in financing for Hudson Yards project

Rockrose lands $255M in financing for Hudson Yards project
The development site at 98 Dekalb Avenue and Rockrose Development's Justin and Henry Elghanayan (Credit: Google Maps)

Rockrose is moving into Brooklyn

Rockrose is moving into Brooklyn
Rockrose paves the way for Hudson Yards rental tower with $20M air rights deal

Rockrose paves the way for Hudson Yards rental tower with $20M air rights deal

Rockrose paves the way for Hudson Yards rental tower with $20M air rights deal
arrow_forward_ios

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

Loading...