RXR Realty

RXR Realty, LLC

Industry	Real Estate
Headquarters	Uniondale, New York and New York, New York
Website	rxrrealty.com

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.^[1] 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

Rechler founded RXR in 2007 after the 2006 acquisition by SL Green Realty of Reckson Associates Realty, at which he was Chairman and CEO.^[2][3] In December 2013, NorthStar Realty Finance Corp invested $340 million in RXR.^[4] 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.^[5]

Properties

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

• 1330 Avenue Of The Americas, Manhattan^[6]
• 1166 Avenue of the Americas, The International Paper Building, Manhattan^[7]
• 340 Madison Avenue, Manhattan^[8][9]
• 450 Lexington Avenue, Manhattan^[10]
• 237 Park Avenue, Manhattan^[11]
• 75 Rockefeller Plaza, Manhattan^[12]
• 530 Fifth Avenue, Manhattan^[13]
• Adams Express Building, 61 Broadway, Manhattan^[14]
• Starrett-Lehigh Building, Manhattan^[15]
• 620 Avenue Of The Americas, Manhattan^[16]
• Standard Motor Products Building, Long Island City, Queens^[17]
• 470 Vanderbilt Avenue, Brooklyn^[18]
• 32 Old Slip, Manhattan^[19]
• Helmsley Building, Manhattan^[20]

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.^[21]
• New Rochelle Downtown Redevelopment. The project includes development of the library, train station, offices, parks and condos.^[22][23]
• 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.^[24]
• Ritz-Carlton Residences at North Hills, Long Island.^[25]
• Ritz-Carlton Residences at Inner Harbor, Baltimore, Maryland^[26]

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.^[27] The owner of Worldwide Plaza, George Comfort & Sons, claims 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.^[28]

• Also in October of 2013, RXR was outbid by Shanghai-based Fosun International Ltd in their effort to acquire One Chase Manhattan Plaza.^[29]

References

1. "Ambassador Rechler of RXR Realty".
2. "Scott Rechler". The Real Deal. Retrieved 21 July 2015.
3. "SL Green Acquires Reckson Associates for $4 Billion". The New York Times. Retrieved 21 July 2015.
4. "NorthStar Realty Invests $340 Mill. in RXR Realty". Costar. Retrieved 21 April 2015.
5. "Blackstone to Buy Stake in New York Office Portfolio". The Wall Street Journal. Retrieved 21 July 2015.
6. "RXR to Buy 1330 Avenue of Americas in Bet on New York Rent Rise". Bloomberg Business. Retrieved 6 April 2015.
7. "Big stake in 15-floor office condo sold". Crain's New York Business. Retrieved 6 April 2015.
8. "RXR’s Scott Rechler played a perfect hand". The Real Deal. Retrieved 6 April 2015.
9. "It's Just a Few Deals, but the Office Market is Stirring". New York Times. Retrieved 6 April 2015.
10. "RXR Completes 450 Lexington Buy". Commercial Observer. Retrieved 6 April 2015.
11. "RXR Realty drops $800M for Park Avenue spot". Crain's New York Business. Retrieved 6 April 2015.
12. "RXR Said to Buy 99-Year Leasehold at 75 Rockefeller Plaza". Bloomberg Business. Retrieved 6 April 2015.
13. "Fifth Ave. tower sold for $595M". Crain's New York Business. Retrieved 6 April 2015.
14. "Historic downtown tower fetches $330M". Crain's New York Business. Retrieved 6 April 2015.
15. "RXR closes on $920M buy of Starrett-Lehigh". The Real Deal. Retrieved 6 April 2015.
16. "Developer Plots Comeback in Ladies' Mile". Wall Street Journal. Retrieved 6 April 2015.
17. "Former LIC factory gets $110M, nearly double '09 price". Crain's New York Business. Retrieved 6 April 2015.
18. "Big Manhattan landlord makes $200M buy in B'klyn". Crain's New York Business. Retrieved 6 April 2015.
19. "RXR in Contract to Buy 32 Old Slip for $675M". Commercial Observer. Retrieved 6 April 2015.
20. "New York’s ‘Helmsley Building’ Sells to RXR". Wall Street Journal. Retrieved 13 May 2015.
21. "Pier 57 developer adds partner to build offices". Crain's New York Business. Retrieved 6 April 2015.
22. "TOD & Downtown Cluster". City of New Rochelle Official Website. Retrieved 6 April 2015.
23. "Big Ideas on Track in New Rochelle". Wall Street Journal. Retrieved 6 April 2015.
24. "The Plan". Garvies Point. Retrieved 6 April 2015.
25. "‘New Urbanism’ Hits the Suburbs". Wall Street Journal. Retrieved 6 April 2015.
26. "Baltimore’s high-end housing market may be poised to rebound". Baltimore Business Journal. Retrieved 6 April 2015.
27. "RXR Realty sues over failed deal to buy stake in Worldwide Plaza". Reuters. Retrieved 21 April 2015.
28. "Big landlord sues over $605M deal gone bad". Crain's New York Business. Retrieved 21 April 2015.
29. "Chase Manhattan Plaza Sale Sets Record for Chinese Buyers". Bloomberg Business. Retrieved 21 April 2015.