RXR Realty

Scott Rechler founded RXR in 2007 after the 2006 acquisition by SL Green Realty of Reckson Associates Realty, at which he was Chairman and CEO.[3][4] In December 2013, NorthStar Realty Finance Corp invested $340 million in RXR.[5] NorthStar and RXR also launched a $2 billion non-traded real estate investment trust in February 2015, which later wound down in 2018.[6] In 2015, The Blackstone Group agreed to buy a 50% stake in six RXR properties located in New York State and New Jersey.[7]

With Blackstone, the firm sold 1330 Sixth Avenue at a loss in December 2022.[8] In February 2023, the Financial Times reported that the firm would likely return some office buildings in its portfolio to lenders.[9] The Financial Times further reported that the firm would explore converting office buildings into housing, and noted the legal challenges and costs associated with these conversions.[8] The firm later clarified that it was only exploring relinquishing or converting two of its office buildings.[10] RXR did not disclose which buildings it was considering for disposition or conversion.[10] However, the Commercial Observer identified 47 Hall Street in Brooklyn as having high vacancy rates, and Crain's New York Business reported that RXR was exploring the conversion of the Adams Express Building in Manhattan to residences.[11] RXR has also begun lending against office and apartment assets; Rechler predicted in February 2023 the firm would originate some $2 billion in loans over the course of the year.[8]

RXR purchased a development site in Apex, North Carolina with homebuilder Lennar in February 2023.[12] The plan for the development calls for housing, educational facilities, and facilities for life-sciences research.[12]

RXR Realty owns or manages 93 commercial, residential and retail properties in the New York City area. Notable properties include:

• 1166 Avenue of the Americas, The International Paper Building, Manhattan[13]
• 340 Madison Avenue, Manhattan[14][15]
• 450 Lexington Avenue, Manhattan[16]
• 237 Park Avenue, Manhattan[17]
• 75 Rockefeller Plaza, Manhattan[18]
• 530 Fifth Avenue, Manhattan[19]
• Adams Express Building, 61 Broadway, Manhattan[20]
• Starrett-Lehigh Building, Manhattan[21]
• 620 Avenue Of The Americas, Manhattan[22]
• Standard Motor Products Building, Long Island City, Queens[23]
• 470 Vanderbilt Avenue, Brooklyn[24]
• 32 Old Slip, Manhattan[25]
• Helmsley Building, Manhattan[26]
• 625 RXR Plaza, Uniondale,[27] formerly known as EAB Plaza[28]

RXR Realty is a developer of real estate projects which include:

• Pier 57, Manhattan, New York. RXR Realty will develop 300,000 square feet of office space at Pier 57.[29]
• New Rochelle Downtown Redevelopment. The project includes development of the library, train station, offices, parks and condos.[30][31]
• Garvies Point, Glen Cove, Long Island. Garvies Point is a waterfront mixed use development area with plans for condo and rental units, a marina and retail shops.[32]
• Ritz-Carlton Residences at North Hills, Long Island.[33]
• Ritz-Carlton Residences at Inner Harbor, Baltimore, Maryland[34]
• Atlantic Station, Stamford CT (as RXR/Cappelli) [35]
• Engineers Country Club, Roslyn Harbor, New York

RXR Realty has also made news related to significant unsuccessful bids to buy New York City real estate.

• In October 2013, the company attempted to buy One Worldwide Plaza but lost to American Realty Capital. RXR Realty filed a $200 million lawsuit attempting to block the sale due to their claim that American Realty Capital unethically used RXR's financial analysis to form a higher bid.[36] The owner of Worldwide Plaza, George Comfort & Sons, claimed that RXR was unable to obtain financing to complete the purchase of the property within the allocated timeframe and thus the deal had been closed.[37]
• Also in October 2013, RXR was outbid by Shanghai-based Fosun International Ltd in their effort to acquire One Chase Manhattan Plaza.[38]

In March 2020, RXR Realty has contributed $1 million to support organizations and residents of New Rochelle who face the effects of coronavirus. Samantha M. Nicholson of Miami Beach also contributed $1 million. In its initiative, RXR's collaborates with the Westchester Community Foundation.[39]