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RXR Realty

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

RXR Realty is a vertically integrated real estate and infrastructure owner, investor, operator, and developer headquartered in New York City. The firm’s portfolio of commercial, residential, multifamily, infrastructure, and logistics projects includes 91 commercial real estate properties and investments held across the country as of 2023. RXR is a privately held company that employs around 450 professionals with experience in operations, real estate development, construction, investment, and asset management. [1] [2]

History

[edit]

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 2011, RXR Realty purchased the Starrett Lehigh Building, located at 601 West 26th Street. Following a $900 million recapitalization, the building began extensive renovations to transform the property in 2022.[5]

In December 2013, NorthStar Realty Finance Corp invested $340 million in RXR.[6] NorthStar and RXR also launched a $2 billion non-traded real estate investment trust in February 2015, which later wound down in 2018.[7] In 2015, The Blackstone Group agreed to buy a 50% stake in six RXR properties located in New York State and New Jersey.[8]

In 2016, RXR Realty completed the purchase of Garvies Point, a waterfront mixed-use development in Glen Cove, Long Island. Since its acquisition, RXR has transformed the former industrial site into a community with over 27 acres of public space, 1,100 residential units, and 75,000 square feet of commercial and retail space.[9]

With Blackstone, the firm sold 1330 Sixth Avenue in December 2022.[10] In February 2023, the Financial Times reported that the firm would likely return some office buildings in its portfolio to lenders.[11] 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.[10] The firm later clarified that it was only exploring relinquishing or converting two of its office buildings.[12] RXR did not disclose which buildings it was considering for disposition or conversion.[12] 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.[13] 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.[10]

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. [14]

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.[15]

RXR purchased a development site in Apex, North Carolina with homebuilder Lennar in February 2023.[16] The plan for the development calls for housing, educational facilities, and facilities for life-sciences research.[16]

Properties

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

Notable multifamily properties[33] include:

  • 475 Clermont, Brooklyn.
  • Magnolia Dumbo, Brooklyn.
  • The Willoughby, Brooklyn
  • 2413 Third Avenue, Bronx.
  • Harbor Landing at Garvies Point, Glen Cove.
  • Village Square, Glen Cove.

Development

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

  • Pier 57, Manhattan, New York.In 2014, RXR Realty along with Youngwoo and Associates formed a joint partnership to redevelop the historic Pier 57 in Hudson River Park on the West Side of Manhattan. Construction of the original site began in 1950 and at the time Pier 57 was the largest dock-building effort ever undertaken by the City of New York. Following years of disrepair, the partnership led to extensive renovations of the pier. RXR oversaw the building and leasing of the office component of the project while Youngwoo & Associates focused on building a retail mall on the ground floor of the pier. The renovated Pier 57 includes an added three buildings of nearly 630,000 square feet of office space which is currently operated by Google. The site’s two-acre park space opened to the general public in April 2022. In April 2023, the property’s new market curated by the James Beard Foundation (JBF) opened.[34][35][36][37]
  • New Rochelle Downtown Redevelopment. The project includes development of the library, train station, offices, parks and condos.[38][39]
  • 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.[40]
  • Ritz-Carlton Residences at North Hills, Long Island.[41]
  • Ritz-Carlton Residences at Inner Harbor, Baltimore, Maryland[42]
  • Atlantic Station, Stamford CT (as RXR/Cappelli) [43]
  • Engineers Country Club, Roslyn Harbor, New York

Attempted purchases

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Philanthropy

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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.[47]

In June 2022, RXR announced a new grant program for the residents of New Rochelle, totaling $500,000.[48]

References

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  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. ^ "RXR Realty purchases Starrett-Lehigh building for $900M". The Real Deal.
  6. ^ "NorthStar Realty Finance Announces Closing of Strategic $340 Million Investment in RXR Realty". PR Newswire. Retrieved 22 August 2023.
  7. ^ "NorthStar/RXR to Liquidate". The DI Wire. Retrieved 22 August 2023.
  8. ^ "Blackstone to Buy Stake in New York Office Portfolio". The Wall Street Journal. Retrieved 21 July 2015.
  9. ^ Winzelberg, David. "Long-awaited $1.3B Garvies Point project finally takes shape". Long island business news.
  10. ^ a b c Chaffin, Joshua (3 December 2022). "New York's 'zombie' office towers teeter as interest rates rise". The Financial Times. Retrieved 28 February 2023.
  11. ^ Chaffin, Joshua (2 February 2023). "New York property tycoon to give worn-out offices 'back to the bank'". Financial Times. Retrieved 28 February 2023.
  12. ^ a b Cunningham, Cathy (3 February 2023). "RXR's Scott Rechler Addresses Headlines in Investor Letter". Commercial Observer. Retrieved 28 February 2023.
  13. ^ 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.
  14. ^ Cunningham, Cathy. "RXR Rebrands on Its 15th Birthday". Commercial Observer.
  15. ^ "JetBlue Celebrates Groundbreaking of JFK's New Terminal 6 with Governor of New York, Other Leaders". AviationPros.
  16. ^ a b Wong, Natalie (23 February 2023). "NYC's RXR Buys Site for $3 Billion 'Superstar Region' Project". Bloomberg.com. Retrieved 28 February 2023.
  17. ^ "Big stake in 15-floor office condo sold". Crain's New York Business. Retrieved 6 April 2015.
  18. ^ "RXR's Scott Rechler played a perfect hand". The Real Deal. Retrieved 6 April 2015.
  19. ^ "It's Just a Few Deals, but the Office Market is Stirring". New York Times. Retrieved 6 April 2015.
  20. ^ "RXR Completes 450 Lexington Buy". Commercial Observer. Retrieved 6 April 2015.
  21. ^ "RXR Realty drops $800M for Park Avenue spot". Crain's New York Business. Retrieved 6 April 2015.
  22. ^ "RXR Said to Buy 99-Year Leasehold at 75 Rockefeller Plaza". Bloomberg Business. Retrieved 6 April 2015.
  23. ^ "Fifth Ave. tower sold for $595M". Crain's New York Business. Retrieved 6 April 2015.
  24. ^ "Historic downtown tower fetches $330M". Crain's New York Business. Retrieved 6 April 2015.
  25. ^ "RXR closes on $920M buy of Starrett-Lehigh". The Real Deal. Retrieved 6 April 2015.
  26. ^ "Developer Plots Comeback in Ladies' Mile". Wall Street Journal. Retrieved 6 April 2015.
  27. ^ "Former LIC factory gets $110M, nearly double '09 price". Crain's New York Business. Retrieved 6 April 2015.
  28. ^ "Big Manhattan landlord makes $200M buy in B'klyn". Crain's New York Business. Retrieved 6 April 2015.
  29. ^ "RXR in Contract to Buy 32 Old Slip for $675M". Commercial Observer. Retrieved 6 April 2015.
  30. ^ "New York's 'Helmsley Building' Sells to RXR". Wall Street Journal. Retrieved 13 May 2015.
  31. ^ "RXR Plaza". RXR Realty. Retrieved 23 June 2019.
  32. ^ "The DeMatteis Organization/Leon D. DeMatteis Construction Corp". Construction Today Magazine. Retrieved 23 June 2019.
  33. ^ "Portfolio Corporate". RXR.
  34. ^ "James Beard Platform at Pier 57, NYC: Behind The Dining Options". Total Food.
  35. ^ Young, Michael. "Google's 2-Acre Rooftop Park Opens To The Public At Pier 57 In Chelsea, Manhattan". NY Yimby.
  36. ^ "Pier 57 developer adds partner to build offices". Crain's New York Business. Retrieved 6 April 2015.
  37. ^ "New two-acre rooftop public park opens at Pier 57 in Chelsea". 6sqft News. Retrieved 31 January 2024.
  38. ^ "TOD & Downtown Cluster". City of New Rochelle Official Website. Retrieved 6 April 2015.
  39. ^ "Big Ideas on Track in New Rochelle". Wall Street Journal. Retrieved 6 April 2015.
  40. ^ "Lawsuits dismissed, $1B Glen Cove project to start". Long Island Business News. Retrieved 9 February 2017.
  41. ^ "'New Urbanism' Hits the Suburbs". Wall Street Journal. Retrieved 6 April 2015.
  42. ^ "Baltimore's high-end housing market may be poised to rebound". Baltimore Business Journal. Retrieved 6 April 2015.
  43. ^ "Point of Interest: Atlantic Station". Stamford Advocate. Retrieved 9 February 2017.
  44. ^ "RXR Realty sues over failed deal to buy stake in Worldwide Plaza". Reuters. 16 October 2013. Retrieved 19 May 2024.
  45. ^ Geiger, Daniel (15 October 2013). "Big landlord sues over $605M deal gone bad". Crain's New York Business. Retrieved 19 May 2024.
  46. ^ Levitt, David M. (19 October 2013). "Chase Manhattan Plaza Sale Sets Record for Chinese Buyers". Bloomberg Business. Retrieved 19 May 2024.
  47. ^ "RXR Realty Contributes $1M to Support New Rochelle Residents". GlobeSt. 23 March 2020. Retrieved 17 June 2020.
  48. ^ Katz, Peter. "RXR sees community support as constant in a changing real estate world". Westfair Business Journal. Retrieved 22 January 2024.
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