Justin Elghanayan, Rockrose Development Corp.


2013 Owners MagazineFavorite charity? 

There are a lot of great charities. Too hard to pinpoint one favorite!

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Real estate prediction for 2014? 

Continued inflation of property values generally, strong rent growth on the residential side, rent growth in the office market that mirrors the overall growth in the U.S. economy.

Where in New York is there still untapped potential for real estate development? 

Western Sunnyside, in Long Island City, seems like an area with a lot of meat, i.e. a lot of real estate in the form of large loft buildings that is ripe for redevelopment.

Who will become New York City’s next mayor?  

Whoever it is will hopefully see the connection between development and enhancing the NYC economy.

What real estate policy should New York’s next mayor make a priority?   

Advancing the storm resiliency plan laid out by the current administration.

What qualities do you look for in an agent representing your buildings? 

Hunger, intelligence and a willingness to tell the truth even if the truth is not good news.

What is one aspect of your business you wish you had more time for? 

I always want to spend more time in the field, whether it’s on the leasing side or in the buildings under construction.

Greatest fear: 

For the NYC real estate market, lack of sufficient job growth is a long-term threat.

If approved, the Midtown East rezoning initiative will: 

Improve the city. It won’t be a dramatic change, but it will be a significant, positive enhancement.

In the film version of your life, which actor would portray you? 

I’d like Mark Ruffalo.

Foreign real estate market you’d most like to invest in: 

London. Global hubs have the best long-term growth potential.

Is broadband connectivity in New York City a priority at your buildings? 

Yes, it’s a necessity. Internet is one of the most vital utilities of the 21st century.

What should happen with Madison Square Garden and Penn Station? 

The concept of creating a really nice new Penn Station is very compelling. But it has to be done in such a way that it makes economic sense for the developer to do it.

What New York City building should be torn down? 

The city should allow more widely for underutilized commercial buildings with no architectural significance to be converted to residential. This would lead to some defunct, nonfunctioning buildings being torn down.