RXR Realty

RXR Realty, LLC
IndustryReal estate
Founded2007
FounderScott Rechler
Headquarters
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. 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.

History

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. In December 2013, NorthStar Realty Finance Corp invested $340 million in RXR. NorthStar and RXR also launched a $2 billion non-traded real estate investment trust in February 2015, which later wound down in 2018. In 2015, The Blackstone Group agreed to buy a 50% stake in six RXR properties located in New York State and New Jersey.

With Blackstone, the firm sold 1330 Sixth Avenue in December 2022. In February 2023, the Financial Times reported that the firm would likely return some office buildings in its portfolio to lenders. 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. The firm later clarified that it was only exploring relinquishing or converting two of its office buildings. RXR did not disclose which buildings it was considering for disposition or conversion. 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. RXR has also begun lending against office and apartment assets; Rechler predicted in February 2023 that the firm would originate some $2 billion in loans over the year.

In January 2022, RXR Realty rebranded as RXR. In the same year, RXR announced a $2 billion investment in multifamily residential developments as part of a national expansion plan.

In November 2022, along with the Port Authority of New York and New Jersey, RXR, Vantage Airport Group, American Triple I, and Jetblue announced a partnership for a $4.2 billion development of a new international terminal at John F. Kennedy Airport.

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

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.
  • New Rochelle Downtown Redevelopment. The project includes development of the library, train station, offices, parks and condos.
  • 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.
  • Ritz-Carlton Residences at North Hills, Long Island.
  • Ritz-Carlton Residences at Inner Harbor, Baltimore, Maryland
  • Atlantic Station, Stamford CT (as RXR/Cappelli)
  • 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. 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.
  • Also in October 2013, RXR was outbid by Shanghai-based Fosun International Ltd in their effort to acquire One Chase Manhattan Plaza.

Philanthropy

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.

In June 2022, RXR announced a new grant program for the residents of New Rochelle, totaling $500,000.


This page was last updated at 2024-01-23 10:39 UTC. Update now. View original page.

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