With a buyout deal on a building at 99 John Street in the Financial District, the Elghanayan brothers are putting the final touches on one of the real estate industry’s most high-profile splits in recent years, the Wall Street Journal reported.
The eldest brother Henry, who owns a quarter of the 30-story building, is buying his brother Tom’s 75 percent stake in the $100 million property.
“It’s a good thing to clean up and finish the job,” Henry told the Journal.
Henry added that the split — which was largely orchestrated in 2009 — was important to avoid future squabbles over succession. His son Justin, who was recently profiled in The Real Deal, is currently his second-in-command at Rockrose Development (Henry kept the name of the parent company, while Tom and Fred formed TF Cornerstone).
Tom told the Journal that though the families were reconciling after the split, some of the scars remained.
“We used to be a very close family,” he said. “We would have Thanksgiving and Passover together, which we aren’t doing anymore. I think it’s a loss for all of us.” [WSJ] – Hiten Samtani