RXR eyes investment in mixed-use suburban projects

With property prices nearing record highs in Manhattan, RXR Realty’s Seth Pinsky is pushing into the suburbs.

The former head of the city’s Economic Development Corporation joined RXR three months ago and is now the front man on the company’s so-called metropolitan emerging market strategy. In this role, Pinsky will lead the firm’s push into Hempstead, Long Island, where it is eyeing investments in mixed-use projects.

With a growing number of residents getting priced out of the city, more individuals are seeking other parts of the tri-state area with equally good transportation access and urban infrastructure, Pinsky told Real Estate Weekly.

The company has “very abitious goals,” Pinsky told REW, declining to delve into specific numbers. [REW] — Julie Strickland