The Real Deal New York

Posts Tagged ‘scott rechler’

  • From left: A rendering of 3 World Trade Center, Scott Rechler and Kenneth Lipper

    From left: A rendering of 3 World Trade Center, Scott Rechler and Kenneth Lipper

    The Port Authority of New York and New Jersey is set to delay by a month a vote on whether or not to pledge a further $1 billion for Silverstein Properties’ 3 World Trade Center tower in Lower Manhattan. Officials were to meet this afternoon to decide on the fate of the controversial proposal, which would see the authority raise its financing guarantee to $1.2 billion from the current $200 million. [more]

    1 Comment
  • From left: Carol

    From left: Carol Kellermann, Martin Robins and Scott Rechler

    A special oversight committee for the Port Authority of New York and New Jersey will convene publicly for the first time next week to glean suggestions for reform.

    The committee was formed earlier this year to evaluate the agency, which has been hit by political scandal in recent days, as previously reported. The effort to include the public is seen as a step towards making the two-state operation more transparent amid quarrels over spending on large-scale developments like the World Trade Center complex redevelopment. [more]

    Comments
  • 3-wtc

    From left: 3 World Trade Center, Scott Rechler and Kenneth Lipper

    A vote on a proposal to ramp up the subsidized financing for Silverstein Properties’ 3 World Trade Center has been delayed to April or May.

    The Port Authority of New York and New Jersey board of commissioners gave Scott Rechler, the agency’s vice chair, approval to extend talks with Silverstein. The plan would raise the Port Authority’s financial contribution to $1.1 billion from the present agreement of $200 million. [more]

    Comments
  • airport-port-authority

    Port Authority vice chair Scott Rechler and Terminal 3 at JFK Airport in Queens

    The Port Authority of New York and New Jersey earmarked $8 billion of its 10-year capital budget to extensively renovate its airports. [more]

    1 Comment
  • rxr-realty

    Scott Rechler and George Washington Bridge in Fort Lee

    Scott Rechler, CEO of RXR Realty and vice chair of the Port Authority of New York and New Jersey, said he expects the bi-state agency will make reforms in the wake of the “Bridgegate” scandal involving New Jersey Governor Chris Christie and his allegedly politically motivated snarling of traffic on the George Washington Bridge. See the video after the jump. 

    Comments
  • From left: Scott Rechler and David Hamamoto

    From left: Scott Rechler and David Hamamoto

    Scott Rechler’s RXR Realty has scored a $340 million investment from NorthStar Realty Finance Corporation, giving the firm a cash infusion that will help carry out the planned spin-off of its asset management business into a publicly traded real estate investment trust. [more]

    Comments
  • From left:

    From left: Scott Rechler, Jared Kushner and Kanye West

    From the November issue: In this month’s “In their words” feature, we hear from hip-hop mogul Kanye West — not on his greatness or on the topic of his wife, Kim Kardashian — but on his design inspirations. Jared Kushner also offers his two cents on why residents at his Puck Building penthouses won’t be bothered by his neighbors. RXR Realty’s Scott Rechler also opens up on why he dicided against bidding on the Empire State Building. [more]

    Comments
  • From left: Marc Holliday, Bill de Blasio and Scott Rechler

    From left: Marc Holliday, Bill de Blasio and Scott Rechler

    The real estate industry is known for supporting Republican politicians and their tax-cutting, pro-business policies. But mayoral frontrunner and Democrat Bill de Blasio is gaining ground within the community, and some of the industry’s biggest players conceded that installing the public advocate in City Hall wouldn’t be so bad. [more]

    5 Comments
  • RXR’s Scott Rechler and One Worldwide Plaza

    RXR’s Scott Rechler and One Worldwide Plaza

    The owners of One Worldwide Plaza got the green light from a New York State judge to sell the building to American Realty Capital for $1.35 billion, despite RXR Realty’s move to block the sale of the 1.8 million-square-foot, 59-story Midtown office tower.

    RXR had planned to pay $605 million for a 40 percent stake in the building, partly owned by investment firm George Comfort & Sons. RXR was working with American Realty as a joint investor, until American Realty talked directly to George Comfort about going solo on the purchase, as previously reported. [more]

    Comments
  • 1 Chase Manhattan Plaza and Fosun's Guo Guangchang

    1 Chase Manhattan Plaza and Fosun’s Guo Guangchang

    JPMorgan Chase has agreed to sell 1 Chase Manhattan Plaza, a 2.2 million-square-foot Lower Manhattan office tower, to the investment arm of a Chinese industrial giant for $725 million. [more]

    5 Comments
  • From left: Scott Rechler, 1 Chase Manhattan Plaza and Mort Zuckerman

    From left: Scott Rechler, 1 Chase Manhattan Plaza and Mort Zuckerman

    The new owner of 1 Chase Manhattan Plaza, a 2.2 million-square-foot Lower Manhattan office tower currently owned by JPMorgan Chase, could be chosen as early as this week, executives close to the deal said. Bidders on the 60-story landmarked tower run the gamut from New York developers such as Scott Rechler to Asian investors, and have put forward several ideas including converting the building to condominiums or hotels, or retaining it as an office property. [more]

    Comments
  • Seth-Pinsky

    Seth Pinsky

    Seth Pinsky, the head of the New York City Economic Development Corporation, is heading to Scott Rechler’s RXR Realty, Crain’s reported.

    Under Pinsky, the EDC was involved in several major development projects in New York City, including the controversial redevelopment of Willets Point and the $2 billion deal to create a Cornell NYC Tech campus on Roosevelt Island. More recently, he spearheaded Mayor Michael Bloomberg’s $19.5 billion SeaPort City plan. Pinsky, who joined the EDC in 2003 as a vice president, was chosen five years later by the mayor to head the agency. [more]

    Comments
  • RXR Realty CEO Scott Rechler and 620 Sixth Avenue

    RXR Realty CEO Scott Rechler and 620 Sixth Avenue

    RXR Realty has leased the last remaining vacancy at 620 Sixth Avenue to advertising technology company Mediaocean, Crain’s reported.

    Asking rents are in the low $60s per square foot at the 20-story, 2 million-square foot-plus building, located between West 18th and 19th streets. Mediaocean took the building’s entire 88,400-square-foot sixth floor in the deal, where CBRE’s Gregory Tosko and Sacha Zarba represented the tenant.  [more]

    Comments
  • Scott Rechler of RXR Realty (Photo: Chris Martin)

    From the May issue: The names of those who got crushed when the real estate market crashed have been splashed in the headlines for several years: Harry Macklowe, Kent Swig and Lev Leviev, to name a few. But it’s only in recent months that it’s become fully possible to evaluate who’s benefited the most from the fallout and recovery. Somewhere on the top of that list: Scott Rechler.

    “Everything in our business is luck and timing,” said Richard Baxter, a top investment sales broker at Jones Lang LaSalle. “And he’s had great luck and incredible timing.” [more]

    Comments
  • Scott Rechler and Gov. Andrew Cuomo

    Scott Rechler, the head of RXR Realty, is known for his vast New York City real estate holdings, managing some 20 million square feet of property and emerging as the second-biggest buyer of Manhattan commercial real estate since the recession. But since 2011, Rechler has worn a second hat as a top advisor to Governor Andrew Cuomo, sitting on the board of the Port Authority of New York and New Jersey, Bloomberg News reported. [more]

    Comments
  • From left: Scott Rechler and 75 Rockefeller Plaza

    In order for Scott Rechler to succeed at overhauling the recently-leased 75 Rockefeller Plaza, his company, RXR Realty, will need to take in at least $80 a square foot, sources told the Wall Street Journal. There’s just one catch: In the fourth quarter of 2012, the average office rent in the Rockefeller Center area was $71.26 per square foot. RXR, which committed to lease the entire building for a 99-year term at an estimated cost of $250 million, has also planned a $250 million gut renovation of the property. [more]

    Comments
  • Starrett-Lehigh building from above

    The Starrett-Lehigh building, the massive office space on 26th Street and Eleventh Avenue, is finally back to fully operational, Crain’s reported.

    Owner RXR Realty told Crain’s that their high-profile tenants desperately needed their offices back. A photo shoot with Ralph Lauren was set for last week at Canoe Studios’ space there, for instance. [more]

    Comments
  • From left: shots of Nassau Coliseum and Scott Rechler

    Theoretically the chance to build, or even renovate a large government facility, would be an attractive opportunity for a qualified developer, but Nassau County is struggling to attract many of Long Island’s biggest real estate developers to its Nassau Coliseum project, according to Newsday. Nassau County recently sent out a request for qualifications, with a deadline set for Monday, to develop the 77-acre site that includes the home of the New York Islanders, but so far the response has been weak. [more]

    Comments
  • RXR Realty CEO Scott Rechler and 620 Sixth Avenue

    Scott Rechler‘s RXR Realty has picked up its option to acquire the remaining 45 percent stake in 620 Sixth Avenue, Crain’s reported. The firm purchased a 55 percent stake in the property, situated between West 18th and West 19th streets, in a deal last year that valued the 760,000-square-foot building at $500 million. That acquisition came with the option to buy the entire building and Rechler exercised it early. [more]

    Comments
  • From left: RXR's Scott Rechler and 450 Lexington Avenue

    RXR Realty has entered an agreement to purchase the 40-story office tower at 450 Lexington Avenue, the Wall Street Journal reported. The price Istithmar, the owner, will receive for the building is unclear, but the Journal said the deal would value the building, located between East 44th and East 45th streets, at more than the $600 million Istithmar paid for it in 2006.

    RXR had previously purchased nearly half of the $600 million in debt on the 910,000-square-foot building. [more]

    Comments
MENU