Henry Elghanayan

Henry Elghanayan (born August 2, 1940) is an Iranian-born American real estate developer who co-founded and is the current chairman the Rockrose Development Corporation.[1][2][3][4]

Henry Elghanayan
Born
Houchang Elghanayan

(1940-08-02) August 2, 1940
Iran
NationalityIran
EducationHamilton College (BA)
Columbia University (MBA)
New York University (JD)
Occupationreal estate developer
Known forCo-founder and chairman of the Rockrose Development Corporation
Home townQueens, New York, U.S.
Spouse(s)Nancy Elghanayan
Children3
FamilyHabib Elghanian (uncle)

Early life and education

Henry Elghanayan was born Houchang Elghanayan on August 2, 1940[5] to a Persian-Jewish family in Iran.[1] Elghanayan's father, Nourallah, belonged to a prominent manufacturing family in Iran during the reign of the Shah[1] and was also involved in the import-export business.[5] His uncle, Habib Elghanian, was executed in 1979.[6] In 1945, his father moved the family to Forest Hills, Queens[5][1] where he made investments in real estate.[1][7]

Henry has three brothers: Kamran Thomas (born 1945), Frederick (born 1949), and Jeffrey (born 1955);[1] and one sister, Lili (born 1944).[8] Henry graduated with a B.A. from Hamilton College, a M.B.A. from Columbia Business School, and a J.D. from New York University Law School.[9][5] While in law school, he worked as a rental real estate agent.[5]

Career

In the 1970, with $100,000 in seed money from their father, the three eldest brothers renovated a six-apartment walk-up apartment building in Greenwich Village but nearly lost their investment when the market collapsed.[1] Once the market recovered, they refinanced and invested in ever larger buildings on the Upper West Side and in Brooklyn Heights including the 337 unit Turtle Bay Towers; the historic 479 unit Archive in the West Village, which they converted into lofts;[1] the Cast Iron Building; and the Carnegie Hall Tower.[2] The brothers divided their responsibilities with lawyer Henry responsible for financing; engineer Fred responsible for construction; and Yale and Harvard business school graduate Tom responsible for development and acquisitions.[1] His youngest brother, Jeffrey, would later join the firm as an architect.[1] They took a conservative approach to financing, never borrowing more than 75% of the buildings cost (as compared to the more typical 95%).[1]

In the 1990s, they expanded throughout New York City, converting office buildings into apartments in the Financial district and pioneering developments on the Queens waterfront in Long Island City and West Side of Manhattan.[1] They diversified their portfolio into metropolitan Washington D.C. after the September 11 attacks.[1]

In August 2008, Henry initiated the dissolving of the partnership. His brothers disagreed with his desire to move the firm more into development rather than renovation and leasing as well as to take on outside partners. They also balked at naming Henry's son, Justin, as successor to the business.[2][1] They divided the assets into three portfolios and drew straws to determine who would own which portfolio. Henry won the firm's development projects, the right to the Rockrose name, and eight residential buildings with 2,634 apartments. Tom and Fred received the remainder consisting of 5,000 apartments in 13 buildings, the office building portfolio, and their properties in Long Island City and continued on as partners with their new firm TF Cornerstone.[1] The day before they divided their assets, their mother died; the day after, their father died.[1]

Under Henry's management, Rockrose has acquired over $600 million in additional properties in New York City and Washington, D.C., and developed the $300 million apartment building, Linc LIC, in Court Square in Long Island City.[2]

Personal life

In 1965, Elghanayan married Nancy, to whom he rented an apartment while he was in law school.[5] They have three children.[2] Elghanayan is an art collector and philanthropist.[1]

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References
  1. New York Times: "Flipping a Coin, Dividing an Empire" by Charles V. Bagli October 31, 2009
  2. Wall Street Journal: 'Nearing the Final Piece of Property Divorce - The Elghanayan Brothers Are Close to Finalizing a High-Profile Business Divorce" By Anjali Athavaley May 27, 2013
  3. The Real Deal: "Estate of Elghanayan family member shops UES resi portfolio - Pair of apartment buildings and development site could fetch $400M or more" By Rich Bockmann June 11, 2015
  4. New York Times: "H. Henry Elghanayan" Interview conducted and condensed by Vivian Marino November 27, 2009
  5. The Real Deal: "Henry Elghanayan" By Katherine Clarke retrieved November 5, 2016
  6. "ELGHANAYAN V. ELGHANAYAN" 190 A.D.2d 449, 453 MILONAS, J. | The document, which was drawn up in Farsi and signed in Teheran, provides that the four older siblings, defendants Aghadjan, Davoud, Nourollah and the late Habib Elghanayan, would each own a 20% share of the business while the three younger brothers, plaintiffs Sion, Ataollah and Nedjatollah Elghanayan, would divide among themselves the one remaining 20% share.
  7. Forbes: "Elghanayan family" retrieved November 5, 2016
  8. The Real Deal: "K. Thomas Elghanayan" By Lauren Elkies retrieved November 5, 2016
  9. Real Estate Board of New York: "H. Henry Elghanayan" retrieved November 5, 2016
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