Scott Rechler of RXR Realty has roughly a century to prove naysayers wrong.
The clock is now ticking on RXR Realty’s 99-year lease on 75 Rockefeller Plaza, the New York Post reported. The Real Deal first identified RXR as a potential manager for the 60-story office tower in September 2012. The firm completed the terms of the $420 million lease the following December, according to the Post.
RXR is embarking on a complete renovation of the 630,000-square-foot building owned by Mohamed Al-Fayed.
Questions have been raised over the financial viability of the project. Analysis by the Wall Street Journal last year determined that RXR would have to charge $80 per square foot to make the deal work out, though office space in the area commanded significantly lower rents at the time.