Three out of the five biggest building buys in 2011, by price, were Manhattan office towers, according to figures from The Real Deal‘s 2012 Data Book, which is now available for purchase online. The biggest transaction of 2011 was the purchase of the Starrett-Lehigh Building, at 601 West 26th Street, by Scott Rechler’s RXR Realty for $920 million, as The Real Deal previously reported in our story about last year’s biggest commercial transactions. The 2.3 million-square-foot property, between 11th and 12th avenues, was previously owned by Shorenstein Properties, one of the nation’s largest landlords. A package comprised of 55 East 42nd Street — also called Park Avenue Plaza — and 49 East 52nd Street traded hands for $569 million last year, coming in at number two. The third-largest deal was for 401 East 34th Street, a 703-unit apartment building, which was purchased for $443 million by the real estate investment trust UDR. (See a chart of the16 top building purchases after the jump.)… [more]
Posts Tagged ‘rxr realty’
RXR restructured leases for four tenants in a complicated series of maneuvers at its recently acquired Starrett-Lehigh building, GlobeSt.com reported.
The maneuvering was led by music management firm Harry Fox Agency, which terminated its 47,144-square-foot sublease from Tommy Hilfiger USA at Starrett-Lehigh and fled to 36,921 square feet at the Trump Building at 40 Wall Street. Harry Fox was represented by Studley. [more]
An investor group that included developer Yair Levy has officially closed on the $500 million sale of an office and retail complex 620 Sixth Avenue to RXR Realty on Tuesday, and the troubled investor deposited $8.1 million in proceeds into an escrow fund to repay his former Rector Square condominium…. [more]
Scott RechlerFrom the November issue: Scott Rechler is the CEO and chairman of RXR Realty, a multibillion-dollar private real estate company with roughly 20 million square feet of Class A office and industrial space. The firm — which is headquartered in Long Island and develops and owns property in the New York Tri-State area — recently completed the purchase of the 2.3 million-square-foot Starrett-Lehigh Building for $920 million. Rechler previously served as CEO and chairman of Reckson Associates Realty, which he sold to SL Green Realty in January 2007 for roughly $6 billion (including the assumption of $2 billion in debt) in one of the largest public real estate management buyouts in REIT history. In September, Gov. Andrew Cuomo appointed Rechler vice chairman of the board of commissioners of the Port Authority of New York & New Jersey. … [more]
Scott Rechler, CEO and chairman of RXR Realty, has been appointed vice chairman of the Port Authority of New York & New Jersey’s board of commissioners, the Port Authority announced today. Rechler also will serve as vice chairman of the board’s construction committee and as a member of its capital programs and agency planning committees.
Rechler was appointed to the board in June by Gov. Andrew Cuomo, and will succeed Stanley Grayson as chairman, who resigned earlier this week.
“Commissioner Rechler’s extensive experience in private-sector management and financial issues will be a tremendous asset to the board as we continue to review our financial circumstances and our capital plan,” said David Samson, chairman of the Port Authority.
– Katherine Clarke… [more]
From left: Scott Rechler, CEO of RXR Realty and Alex Klatskin, partner at
Forsgate Industrial Partners
Economic uncertainty is not stopping commercial real estate industry heads from finding deals nationally, top executives at the International Council of Shopping Centers’ and NAIOP’s 2011 Real Estate Capital Marketplace Conference at Chelsea Piers agreed yesterday, GlobeSt.com reported. There are still key development opportunities to be found in hot gateway markets, they said.
Scott Rechler, CEO of RXR Realty, is focusing primarily on Class A assets, he told the audience. RXR recently acquired the Starrett-Lehigh Building at 601 West 26th Street and is in contract to purchase a controlling share of 620 Sixth Avenue. … [more]
RXR Realty will take control of 620 Sixth Avenue from a partnership of Joseph Chetrit, Yair Levy and Charles Dayan in a deal that values the building at about $500 million, the Wall Street Journal reported. The partnership paid $290 million for it in late 2005, and will retain a minority stake. Douglas Harmon of Eastdil Secured marketed the property for the owners.
The seven-story, 700,000-square-foot, 114-year-old building at 19th Street is 80 percent occupied and home to big-box retailers TJ Maxx and Bed Bath & Beyond. RXR CEO Scott Rechler said the building will generate enough income to cover debt payments beginning next year. Rechler said he was attracted to the building because of its unique appearance and its “Silicon Alley” location — home to the city’s growing tech sector…. [more]
Scott Rechler’s RXR Realty this past Friday completed the purchase of the 2.3 million-square-foot office property in Chelsea, the Starrett-Lehigh Building at 601 West 26th Street, for $920 million, the company said in a news release this morning.
The 19-story building, built in 1932, was reported to be in contract in April after being brought to market by Eastdil Secured’s Doug Harmon and Adam Spies. It sold for about $400 per square foot. Tenants in the building include Martha Stuart-Omnimedia and clothing retailer Tommy Hilfiger. — Adam Pincus… [more]
Just a few days since the opening of High Line phase two comes an opportunity for buyers to get in on the High Line action.
Darcy Stacom, a vice chairman at CBRE, predicts this new listing will fetch about $500 per square foot.
“This is a neighborhood that is coming into it own, and this is an opportunity to get it on it,” Stacom said. … [more]
New York City prebuilt office spaces, built by a landlord before leasing as opposed to being commissioned by a tenant, are evolving into a crucial part of building sales strategy and attracting higher-end clients, according to the New York Times. Companies that don’t have the time, resources or patience to go through a construction process are moving straight in to these sophisticated spaces.
Developers are looking to cash in. Cohen Brothers Realty has prebuilt 100,000 square feet in the last five years and is working on an additional 50,000 square feet. RFR Realty recently prebuilt the entire second floor of 17 State Street. And RXR Realty is prebuilding nearly half of the empty space at 340 Madison Avenue and up to 20 percent at 1330 Sixth Avenue…. [more]