RXR Realty chairman and CEO Scott Rechler is making moves to step down as vice chairman of the Port Authority of New York and New Jersey, but plans to stay active on the civic scene.
Rechler, whom Gov. Andrew Cuomo appointed to the bi-state agency in 2011, told Politico he’s spoken with the governor about “transitioning off” the agency’s board.
“It could be a number of months or more,” Rechler told Politico, citing a desire to focus more on his real estate business, which he said has grown “dramatically” in the past five years.
Rechler[TRData] joined the agency four years after he sold his real estate investment trust Reckson Associates to SL Green Realty for $6 billion and formed RXR. The company has grown a portfolio in the tri-state area covering more than 18 million square feet and worth $5.5 billion.
During Rechler’s time at the Port Authority, the agency initiated plans to rebuild LaGuardia Airport and wrap up the rebuilding process at the World Trade Center site.
The Port Authority is considering selling off real estate assets deemed non-essential to its core mission of transportation and economic development. Rechler recently told The Real Deal that holding onto the World Trade Center site would be beneficial as it serves as a base for the agency to issue bonds.
Rechler’s known at the agency for a congenial attitude and pushing for better trans-Hudson transportation planning. He advocated for a plan to relocate the Port Authority Bus Terminal across the river in New Jersey – one the authority’s board recently shot down.
He was recently recommended for a position on the board at the Regional Plan Association, but said he’s yet to make up his mind on his next move.
“That’s not been decided,” Rechler said. “Obviously, I intend on whatever I do to be active from a civic perspective.” [Politico] – Rich Bockmann