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Brothers Formalize Split, Launch Two Firms

NEW YORK CITY-Henry Elghanayan is retaining the name Rockrose Development Corp., while brothers Thomas and Frederick form TF Cornerstone as both companies continue shared ownership of some properties.

By Paul Bubny | Updated on October 01, 2009

NEW YORK CITY-The Elghanayan family has formally completed the division of their original firm into two separate entities, with H. Henry Elghanayan retaining the name Rockrose Development Corp. and K. Thomas Elghanayan and Frederick Elghanayan operating the newly launched TF Cornerstone Inc. The split among the three brothers, who have been in business since 1970, was originally announced last April.

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.

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