Rockrose Development Corp., one of the city’s most respected residential and commercial developers, is being split into two firms by the three Elghanayan brothers who own it.
The precise reasons for the separation and details on how the properties will be divided are yet unclear, according to real estate sources familiar with the situation.
Rockrose is currently developing a 22-acre parcel on the Long Island City, Queens, waterfront near the Pepsi-Cola Sign, as well as several condo projects in Manhattan.
The siblings are well-known in industry circles, and their split surprised many. The company is named after the Queens street where they grew up, although two of the brothers, Henry and Thomas, were actually born in Iran.
Henry, the eldest, will retain the Rockrose name but will move to a new office at 666 Fifth Ave. Sources say he has a different vision for the company than his brothers, Thomas and Fredrick, who will continue to work together. Their company is expected to be called TF Cornerstone and will continue to operate out of the company’s headquarters at 290 Park Ave. South, according to a source.