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]

Scott Rechler, CEO of RXR Realty, and the Starrett-Lehigh Building

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.

CB Richard Ellis is marketing a 200,000-square-foot property at 511-541 West 25th Street, between 10th and 11th avenues, according to Crain’s. Tesla Motors has a showroom in the building.

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]

RXR Realty purchased the Starrett-Leigh building at 601 West 26th Street for $900 million from Shorenstein Properties, sources told Crain’s. The 79-year-old, 2.2 million-square-foot building has a variety of tenants, led by the Martha Stewart media empire and Lord & Taylor’s corporate offices. Crain’s said that Scott Rechler, chairman of RXR Realty, was interested in the property because he foresees growth in the area. RXR also purchased 1330 Sixth Avenue in November, and bought a 49 percent stake in 340 Madison Avenue last April. [Crain's]

1 Park Avenue and, from top, Scott Rechler of RXR and Norman Sturner of Murray Hill Properties (building photo source: PropertyShark)

Vornado Realty Trust spent a total of $180 million to recapitalize and gain control of the 925,000-square-foot office building 1 Park Avenue from Norman Sturner’s Murray Hill Properties, which was in danger of losing the property to lenders.

The cash infusion included about $30 million in tenant improvement costs and other reserves, while at the same time Vornado secured $250 million in debt from a major investment bank, a person familiar with the deal, which closed last night, said. Murray Hill retained a small portion of the equity on the 20-story building located between 32nd and 33rd streets, the source said.

The original capital stack was comprised of a $375 million first mortgage, $100 million in mezzanine debt held by three companies and $120 million in equity…. [more]

From left: Harry Macklowe, Scott Rechler and 1330 Sixth Avenue

A group of investors led by Scott Rechler’s RXR Realty has signed a contract to purchase 1330 Sixth Avenue — the 40-story office building that Canadian lender Otera Capital took back from Harry Macklowe last year — for roughly $400 million, the Wall Street Journal reported. The price, though far below the $500 million Macklowe paid for it in 2006, would likely put the deal amongst the largest of the year for New York City office buildings, sources said, and could be a sign of the commercial property market’s rebound. … [more]