Brothers Formalize Split, Launch Two Firms

H. Henry Elghanayan says in a statement that Rockrose will remain active in developing both residential and commercial properties in New York and Washington, DC. Thomas Elghanayan says in a release issued by TF Cornerstone, "We are continuing to grow our portfolio and are already in the process of acquiring new development sites."

As part of the agreement, Rockrose is retaining several properties and development sites, including more than 2,600 apartment units at 666 Greenwich St., 100 Jane St., 110-114 Horatio St., 410 W. 53d St., 200 Water St., 22 River Terr. and 41 River Terr., all in Manhattan, and 4705 Center Blvd. in Queens. Rockrose retains a 60,000-square-foot development site and over one million square feet of zoning floor area directly across from the Jacob K. Javits Convention Center and three sites in Long Island City. Rockrose and TF share ownership of several Manhattan and Washington, DC office and residential buildings.

TF's holdings include a dozen high-end apartment buildings, among them 2 Gold St., Chelsea Centro, 45 Wall St., 99 John Deco Lofts and 455W37 in Manhattan and the View in Long Island City. In the works is 505W37. The company also has four additional development sites in Queens.

While Rockrose has moved into new offices at 666 Fifth Ave., TF is remaining at the former Rockrose offices at 290 Park Ave. South. In separate statements, the principals of the two companies each stress the long term. "I have always looked at myself, first and foremost, as a long term real estate investor and developer and that's what the focus of our firm will continue to be," says Henry Elghanayan. For his part, Thomas Elghanayan says, "We have always been conservative in terms of leveraging, preferring to operate with little to no debt. With this strong platform, we are strategically positioned to continue with a high success rate in the market."