RXR Realty, LLC
IndustryReal estate
Founded2007
FounderScott Rechler
Headquarters
Uniondale, New York and New York, New York
Websiterxr.com

RXR Realty is a real estate and infrastructure owner, investor, operator, and developer headquartered in New York. Many of RXR's holdings are located in New York City, but the firm owns buildings and development sites across the United States. RXR is a private company, and is led by Scott Rechler as CEO.[1] Rechler serves on the Board of Directors for the Federal Reserve Bank of New York, was formerly appointed by New York Governor Andrew Cuomo as vice chairman of the board of commissioners of the Port Authority of New York and New Jersey, and also served as a member of the board of the New York Metropolitan Transportation Authority and as chair of the Regional Plan Association.[2]

History and ownership

Scott Rechler founded RXR in 2007 after the 2006 acquisition by SL Green Realty of Reckson Associates Realty, at which he was Chairman and CEO.[3][4] In December 2013, NorthStar Realty Finance Corp invested $340 million in RXR.[5] NorthStar and RXR also launched a $2 billion non-traded real estate investment trust in February 2015, which later wound down in 2018.[6] In 2015, The Blackstone Group agreed to buy a 50% stake in six RXR properties located in New York State and New Jersey.[7]

With Blackstone, the firm sold 1330 Sixth Avenue at a loss in December 2022.[8] In February 2023, the Financial Times reported that the firm would likely return some office buildings in its portfolio to lenders.[9] The Financial Times further reported that the firm would explore converting office buildings into housing, and noted the legal challenges and costs associated with these conversions.[8] The firm later clarified that it was only exploring relinquishing or converting two of its office buildings.[10] RXR did not disclose which buildings it was considering for disposition or conversion.[10] However, the Commercial Observer identified 47 Hall Street in Brooklyn as having high vacancy rates, and Crain's New York Business reported that RXR was exploring the conversion of the Adams Express Building in Manhattan to residences.[11] RXR has also begun lending against office and apartment assets; Rechler predicted in February 2023 the firm would originate some $2 billion in loans over the course of the year.[8]

RXR purchased a development site in Apex, North Carolina with homebuilder Lennar in February 2023.[12] The plan for the development calls for housing, educational facilities, and facilities for life-sciences research.[12]

Properties

RXR Realty owns or manages 93 commercial, residential and retail properties in the New York City area. Notable properties include:

Development

RXR Realty is a developer of real estate projects which include:

  • Pier 57, Manhattan, New York. RXR Realty will develop 300,000 square feet of office space at Pier 57.[29]
  • New Rochelle Downtown Redevelopment. The project includes development of the library, train station, offices, parks and condos.[30][31]
  • Garvies Point, Glen Cove, Long Island. Garvies Point is a waterfront mixed use development area with plans for condo and rental units, a marina and retail shops.[32]
  • Ritz-Carlton Residences at North Hills, Long Island.[33]
  • Ritz-Carlton Residences at Inner Harbor, Baltimore, Maryland[34]
  • Atlantic Station, Stamford CT (as RXR/Cappelli) [35]
  • Engineers Country Club, Roslyn Harbor, New York

Attempted purchases

RXR Realty has also made news related to significant unsuccessful bids to buy New York City real estate.

  • In October 2013, the company attempted to buy One Worldwide Plaza but lost to American Realty Capital. RXR Realty filed a $200 million lawsuit attempting to block the sale due to their claim that American Realty Capital unethically used RXR's financial analysis to form a higher bid.[36] The owner of Worldwide Plaza, George Comfort & Sons, claimed that RXR was unable to obtain financing to complete the purchase of the property within the allocated timeframe and thus the deal had been closed.[37]
  • Also in October 2013, RXR was outbid by Shanghai-based Fosun International Ltd in their effort to acquire One Chase Manhattan Plaza.[38]

Covid-19 pandemic support

In March 2020, RXR Realty has contributed $1 million to support organizations and residents of New Rochelle who face the effects of coronavirus. Samantha M. Nicholson of Miami Beach also contributed $1 million. In its initiative, RXR's collaborates with the Westchester Community Foundation.[39]

References

  1. ↑ "Ambassador Rechler of RXR Realty".
  2. ↑ "Scott Rechler".
  3. ↑ "Scott Rechler". The Real Deal. Retrieved 21 July 2015.
  4. ↑ "SL Green Acquires Reckson Associates for $4 Billion". The New York Times. Retrieved 21 July 2015.
  5. ↑ "NorthStar Realty Finance Announces Closing of Strategic $340 Million Investment in RXR Realty". PR Newswire. Retrieved 22 August 2023.
  6. ↑ "NorthStar/RXR to Liquidate". The DI Wire. Retrieved 22 August 2023.
  7. ↑ "Blackstone to Buy Stake in New York Office Portfolio". The Wall Street Journal. Retrieved 21 July 2015.
  8. 1 2 3 Chaffin, Joshua (3 December 2022). "New York's 'zombie' office towers teeter as interest rates rise". The Financial Times. Retrieved 28 February 2023.
  9. ↑ Chaffin, Joshua (2 February 2023). "New York property tycoon to give worn-out offices 'back to the bank'". Financial Times. Retrieved 28 February 2023.
  10. 1 2 Cunningham, Cathy (3 February 2023). "RXR's Scott Rechler Addresses Headlines in Investor Letter". Commercial Observer. Retrieved 28 February 2023.
  11. ↑ Hughes, C.J. (2 February 2023). "RXR's Project Kodak to rethink profitability as offices remain half-full". Crain's New York Business. Retrieved 28 February 2023.
  12. 1 2 Wong, Natalie (23 February 2023). "NYC's RXR Buys Site for $3 Billion 'Superstar Region' Project". Bloomberg.com. Retrieved 28 February 2023.
  13. ↑ "Big stake in 15-floor office condo sold". Crain's New York Business. Retrieved 6 April 2015.
  14. ↑ "RXR's Scott Rechler played a perfect hand". The Real Deal. Retrieved 6 April 2015.
  15. ↑ "It's Just a Few Deals, but the Office Market is Stirring". New York Times. Retrieved 6 April 2015.
  16. ↑ "RXR Completes 450 Lexington Buy". Commercial Observer. Retrieved 6 April 2015.
  17. ↑ "RXR Realty drops $800M for Park Avenue spot". Crain's New York Business. Retrieved 6 April 2015.
  18. ↑ "RXR Said to Buy 99-Year Leasehold at 75 Rockefeller Plaza". Bloomberg Business. Retrieved 6 April 2015.
  19. ↑ "Fifth Ave. tower sold for $595M". Crain's New York Business. Retrieved 6 April 2015.
  20. ↑ "Historic downtown tower fetches $330M". Crain's New York Business. Retrieved 6 April 2015.
  21. ↑ "RXR closes on $920M buy of Starrett-Lehigh". The Real Deal. Retrieved 6 April 2015.
  22. ↑ "Developer Plots Comeback in Ladies' Mile". Wall Street Journal. Retrieved 6 April 2015.
  23. ↑ "Former LIC factory gets $110M, nearly double '09 price". Crain's New York Business. Retrieved 6 April 2015.
  24. ↑ "Big Manhattan landlord makes $200M buy in B'klyn". Crain's New York Business. Retrieved 6 April 2015.
  25. ↑ "RXR in Contract to Buy 32 Old Slip for $675M". Commercial Observer. Retrieved 6 April 2015.
  26. ↑ "New York's 'Helmsley Building' Sells to RXR". Wall Street Journal. Retrieved 13 May 2015.
  27. ↑ "RXR Plaza". RXR Realty. Retrieved 23 June 2019.
  28. ↑ "The DeMatteis Organization/Leon D. DeMatteis Construction Corp". Construction Today Magazine. Retrieved 23 June 2019.
  29. ↑ "Pier 57 developer adds partner to build offices". Crain's New York Business. Retrieved 6 April 2015.
  30. ↑ "TOD & Downtown Cluster". City of New Rochelle Official Website. Retrieved 6 April 2015.
  31. ↑ "Big Ideas on Track in New Rochelle". Wall Street Journal. Retrieved 6 April 2015.
  32. ↑ "Lawsuits dismissed, $1B Glen Cove project to start". Long Island Business News. Retrieved 9 February 2017.
  33. ↑ "'New Urbanism' Hits the Suburbs". Wall Street Journal. Retrieved 6 April 2015.
  34. ↑ "Baltimore's high-end housing market may be poised to rebound". Baltimore Business Journal. Retrieved 6 April 2015.
  35. ↑ "Point of Interest: Atlantic Station". Stamford Advocate. Retrieved 9 February 2017.
  36. ↑ "RXR Realty sues over failed deal to buy stake in Worldwide Plaza". Reuters. Retrieved 21 April 2015.
  37. ↑ "Big landlord sues over $605M deal gone bad". Crain's New York Business. Retrieved 21 April 2015.
  38. ↑ "Chase Manhattan Plaza Sale Sets Record for Chinese Buyers". Bloomberg Business. Retrieved 21 April 2015.
  39. ↑ "RXR Realty Contributes $1M to Support New Rochelle Residents". GlobeSt. 23 March 2020. Retrieved 17 June 2020.
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