Tom Elghanayan

The Elghanayan clan had one of the most infamous splits in dynastic real estate history. In 2009, brothers Henry, Thomas and Frederick split Rockrose Development into two separate companies to prevent a messy succession fight among the brothers’ children. A coin flip helped determine asset choice.

Out of the ashes of that dispute rose TF Cornerstone, so named because of the two brothers in charge of leading the firm. Tom is the chairman and CEO, and still works alongside Fred and now son Jake at the firm. As of the end of 2025, they counted nearly 12,000 residential units in Manhattan, Brooklyn and Long Island City, as well as more than 4 million square feet of commercial, office and retail space in New York, Virginia, Pennsylvania and Washington, D.C.

The Elghanayans are playing a part in one of the nation’s biggest office-to-residential conversion plays, partnering in 2024 with Dune Real Estate Partners on a $1 billion venture to source and analyze opportunities in the sector.

At the time the venture was announced, TFC had already completed 15 commercial-to-resi conversions spanning 5 million square feet.

Next up? A Midtown building at 135 East 57th Street, where TFC paid $159 million for the ground lease. The firm plans to transform the 32-story office building into a 350-unit residential complex.