RXR Realty

RXR Realty is a real estate owner, manager, and developer located in New York City and surrounding areas of Westchester County, Long Island, New Jersey, and Connecticut. The company is headquartered in New York, New York and Uniondale, New York. RXR is a non-traded public company, and is led by Scott Rechler 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.

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. 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 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, The International Paper Building, Manhattan
*340 Madison Avenue, Manhattan
*450 Lexington Avenue, Manhattan
*237 Park Avenue, Manhattan
*75 Rockefeller Plaza, 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, Manhattan
*Helmsley Building, Manhattan
*625 RXR Plaza, Uniondale, formerly known as EAB Plaza

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 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.

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