RXR Realty enters joint venture to bring offices to Pier 57

Developer Youngwoo & Associates still plans to create affordable retail space on ground level

New York /
Sep.September 17, 2014 12:55 PM

Scott Rechler’s RXR Realty has entered a joint venture with Youngwoo & Associates to operate offices at Pier 57, the West Side development originally conceived as a shopping complex dubbed SuperPier.

RXR will convert 200,000 to 300,000 square feet of space on the pier into offices, Crain’s reported. Youngwoo & Associates will move forward with plans to transform ground-level shipping containers into affordable retail units and finalize preliminary deals with anchor tenants, according to the news site.

Rechler told Crain’s that the success of the Starret-Lehigh Building at 601 West 26th Street, which RXR purchased in 2011 for almost $1 billion and is 98-percent leased, encouraged him to look for new office opportunities in the area.

The financial terms of the deal were not disclosed, but Rechler tacked on an additional $150 million to Youngwoo’s original estimate for the total cost of conversion, putting the price at $350 million, according to the news site.

The Hudson River Park Trust, which controls the pier, approved the joint venture, according to Crain’s. Reports of a deal broke earlier this year. [Crain’s]Tom DiChristopher


Related Articles

arrow_forward_ios
Material Bank's founder and CEO Adam Sandow (Material Bank)
Design supplies marketplace Material Bank worth $1.9B after fundraise
Design supplies marketplace Material Bank worth $1.9B after fundraise
Renovate or bust: NYC offices face risk of obsolescence
Renovate or bust: NYC offices face risk of obsolescence
Renovate or bust: NYC offices face risk of obsolescence
RXR's Joe Graziose and Georgica Green Ventures' David Gallo
(RXR Realty, ERASE RACISM, Google Maps)
RXR, Jericho firm picked for $125M transit-oriented project on Long Island
RXR, Jericho firm picked for $125M transit-oriented project on Long Island
DH Property Holdings’ Sunset Park warehouse project (Bridge Development)
Last-mile project, resi rentals nab biggest outer-borough loans
Last-mile project, resi rentals nab biggest outer-borough loans
RXR chief executive Scott Rechler and 5 Times Square (Getty Images, 5timessquare.com)
RXR seeking $1.5B refi for Times Square office tower
RXR seeking $1.5B refi for Times Square office tower
Anthony Wood, chief executive officer, Roku, and 5 Times Square in Manhattan (Getty Images, Wikipedia/Eden, Janine and Jim, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Roku racks up big lease at RXR’s 5 Times Square
Roku racks up big lease at RXR’s 5 Times Square
RXR Realty's Scott Rechler (Getty)
RXR, LBA Logistics lead filing flurry with $123M for massive Gowanus industrial portfolio
RXR, LBA Logistics lead filing flurry with $123M for massive Gowanus industrial portfolio
175 Park Avenue with RXR Realty's Scott Rechler and TF Cornerstone’s Frederick Elghanayan (SOM Architects, Getty, TF Cornerstone)
RXR, TF Cornerstone cleared for 1,500-foot tower at Grand Central
RXR, TF Cornerstone cleared for 1,500-foot tower at Grand Central
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...