RXR Realty is a
real estate
Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more general ...
owner, manager, and developer located in New York City and surrounding areas of
Westchester County
Westchester County is located in the U.S. state of New York. It is the seventh most populous county in the State of New York and the most populous north of New York City. According to the 2020 United States Census, the county had a population ...
, Long Island, New Jersey, and Connecticut. The company is headquartered in New York, New York and
Uniondale, New York
Uniondale is a census-designated place (CDP), as well as a suburb in Nassau County, New York, on Long Island, in the Town of Hempstead. The population was 32,473 at the 2020 United States Census. Uniondale is home to Hofstra University's nort ...
. RXR is a non-traded public company, and is led by
Scott Rechler
Scott Rechler is an American businessman. He is CEO and Chairman of RXR Realty (NY). He is the former vice chairman of the Port Authority of New York and New Jersey and current chairman of the Regional Plan Association, and a member of the Met ...
as CEO.
New York Gov. Andrew Cuomo appointed Rechler vice chairman of the board of commissioners of the
Port Authority of New York and New Jersey
The Port Authority of New York and New Jersey, PANYNJ; stylized, in logo since 2020, as Port Authority NY NJ, is a joint venture between the U.S. states of New York and New Jersey, established in 1921 through an interstate compact authorize ...
.
History and ownership
Scott Rechler
Scott Rechler is an American businessman. He is CEO and Chairman of RXR Realty (NY). He is the former vice chairman of the Port Authority of New York and New Jersey and current chairman of the Regional Plan Association, and a member of the Met ...
founded RXR in 2007 after the 2006 acquisition by
SL Green Realty
SL Green Realty Corp. is a real estate investment trust that primarily invests in office buildings and shopping centers in New York City. As of December 31, 2019, the company owned 43 properties comprising 14,438,964 square feet.
Notable proper ...
of Reckson Associates Realty, at which he was Chairman and CEO. In December 2013, NorthStar Realty Finance Corp invested $340 million in RXR. NorthStar/RXR filed for a $2 billion IPO in February 2015, and the registration was declared effective by the
SEC. In 2015,
The Blackstone Group
Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate b ...
agreed to buy a 50% stake in six RXR properties located in New York State and New Jersey.
Properties
RXR Realty owns or manages 93 commercial, residential and retail properties in the New York City area. Notable properties include:
*1330 Avenue of the Americas, Manhattan
*
1166 Avenue of the Americas
1166 Avenue of the Americas (also known as the International Paper Building) is a tall office building at 1166 Sixth Avenue between 45th and 46th Street in the Midtown Manhattan neighborhood of New York City. It was completed in 1974 and has ...
, The International Paper Building, Manhattan
*340 Madison Avenue, Manhattan
*450 Lexington Avenue, Manhattan
*237 Park Avenue, Manhattan
*
75 Rockefeller Plaza
75 Rockefeller Plaza is a skyscraper on the north side of 51st Street in New York City, originally built as a northern extension to Rockefeller Center.
History
In July 1944, the Rockefellers began planning a new 16-story tower to house the St ...
, Manhattan
*530 Fifth Avenue, Manhattan
*
Adams Express Building, 61 Broadway, Manhattan
*
Starrett-Lehigh Building, Manhattan
*620 Avenue Of The Americas, Manhattan
*Standard Motor Products Building, Long Island City, Queens
*470 Vanderbilt Avenue, Brooklyn
*
32 Old Slip
32 Old Slip, also known as One Financial Square, is a skyscraper in the Financial District of Lower Manhattan in New York City. Completed in 1987, the building has 36 floors and stands at . 32 Old Slip was designed by the firm of Edward Durel ...
, Manhattan
*
Helmsley Building
The Helmsley Building is a 35-story skyscraper at 230 Park Avenue between East 45th and 46th Streets in New York City, just north of Grand Central Terminal, in Midtown Manhattan. It was built in 1929 as the New York Central Building and was d ...
, Manhattan
*625 RXR Plaza, Uniondale, formerly known as EAB Plaza
Development
RXR Realty is a developer of real estate projects which include:
*
Pier 57
Pier 57 is a long pier located in the Hudson River on the West Side of Manhattan in New York City. Opened in December 1954, it sits at the end of West 15th Street on Eleventh Avenue (West Side Highway), just south of the Chelsea Piers spor ...
, 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
One Worldwide Plaza is the largest tower of Worldwide Plaza, a three-building commercial and residential complex in the Hell's Kitchen neighborhood of Manhattan in New York City. Designed by David Childs of Skidmore, Owings & Merrill (SOM), One ...
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 this 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
28 Liberty Street, formerly known as One Chase Manhattan Plaza, is a 60-story International style skyscraper in the Financial District of Manhattan in New York City, between Nassau, Liberty, William, and Pine Streets. The building was designed ...
.
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. In its initiative, RXR's collaborates with the Westchester Community Foundation.
References
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Real estate companies of the United States
Companies based in New York City