The Real Deal New York

RXR partners with California firm to buy Queens dev sites

Buyers paid $72M
March 20, 2018 08:45AM

54-15, 55-15, 56-19 Grand Avenue and David Thomas of LBA Realty and Scott Rechler of RXR (Credit: Google Maps and LinkedIn)

It turns out that RXR Realty TRData LogoTINY partnered with Los Angeles-based LBA Realty to buy three Queens properties for $72 million.

Through a 50-50 partnership, LBA Realty and RXR purchased development sites at 54-15, 55-15 and 56-19 Grand Avenue in Maspeth, Crain’s reported. The Real Deal first reported the sale, though it wasn’t clear at the time that RXR was part of the deal.

The owner of the properties, Cascade, was initially in talks with the city to sell the properties for use as a storage facility for the New York City Police Department. When the deal dragged on, Cascade decided to pursue other buyers. RXR’s Seth Pinsky said they may try to lease the property out to the NYPD.

“We have reached out to the city and remain interested in working something out with them that would be a win for both the city and taxpayers and a win for us as owners of the property,” Pinsky said.[Crain’s] — Kathryn Brenzel