Those Elghanayans are relentless on the West Side of Manhattan.
Brothers Fred, Tom and Henry Elghanayan purchased in late October a parking lot at 476-490 11th Avenue for $83.4 million, according to public records. The Observer reported last week that the Elghanayans had purchased a building at 677 11th Avenue for $10 million. The brothers, who run the real estate group Rockrose, plan two enormous residential towers on 10th Avenue at 37th Street.
The Elghanayans seem to be arming themselves for a financial windfall on the far West Side, where developers like the Related Companies and the Durst Organization hope for a lot of building on the West Side rail yards. Parking lots and drab commercial buildings along 11th never looked so lucrative.
A representative for Rockrose did not return a call before The Observer’s Tuesday evening deadline.
Follow John Koblin via RSS.