The Real Deal New York

Rechler family ventures into residential real estate

Two members of the family are forming Greybarn; will focus on rental housing on Long Island

September 08, 2014 09:00AM

From left: Mitchell and Gregg Rechler

From left: Mitchell and Gregg Rechler

Gregg Rechler and Mitchell Rechler, of the prominent Long Island real estate family, are now focusing on upscale multi-family rental housing for Long Island residents.

The cousins, usually involved with commercial deals, have formed a new brand: Greybarn. Greybarn’s first project, according to the Wall Street Journal, will be a 500-unit luxury development with 45,000 square feet of retail space in Amityville, N.Y.

About 20 percent of Long Island’s housing are rentals, according to the newspaper, a lower percentage than other suburban areas.

The family split about a decade ago. Scott Rechler — Gregg’s brother — is the chair and CEO of RXR Realty. [WSJ] — Claire Moses

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