In a reflection of its growth on Long Island and its relatively new business model, longtime Brooklyn and Long Island developer Rechler Equity has opened a brand new headquarters in Plainview, according to the New York Times. The firm, founded by William Rechler, spent $8 million remaking an industrial building it purchased in 1961 into a new headquarters. The redevelopment was led by William’s grandsons, cousins Gregory and Mitchell Rechler, who wanted to establish the firm’s brand following a split from Gregory’s brother Scott Rechler, who now oversees RXR Realty.
Following that division in 2003, Gregory and Mitchell took back control of industrial properties that were previously part of a larger real estate investment trust called Reckson Associates. Scott, on the other hand, focused on the office building part of the portfolio.
Because of the complexity of the restructuring the brothers were constantly faced with explaining their company’s story. When the downturn stifled development projects, the pair instead decided to reconstitute its headquarters. “We thought, ‘There’s no better way to brand who you are than to build the perfect example of a building that tells our story,’” Gregory said.
Now that development conditions have improved, the firm has more than half a billion dollars worth of projects on the horizon, including a 440,000-square-foot business park near the airport in Westhampton, a 500-unity multi-family development in Amityville and a townhouse project and the restoration of Canoe Place Inn in Hampton Bays. [NYT]