By David Olson The CEO of the company planning a $1 billion redevelopment of Glen Cove’s waterfront said the project could not be built without using future tax revenues to help fund the construction of 28 acres of park land and a reconstructed road. RXR Realty and two quasi-municipal agencies are negotiating over whether the agencies will issue $75 million to $80 million in tax increment financing bonds, which would use future tax revenue generated by the project to partially pay for the parks, an amphitheater, an esplanade, a reconstructed Garvies Point Road and other amenities. T [...]
By Daniel Geiger RXR Realty closed on its nearly $2 billion purchase of 1285 Sixth Ave. Friday—the biggest office building transaction in the city so far this year. In conjunction with the acquisition, RXR signed a deal with UBS for about 900,000 square feet at the 1.8 million-square-foot skyscraper. The Swiss bank agreed to remain as the 42-story tower’s anchor tenant through 2032. UBS occupies floors eight to 20, 37, 38 and 39. UBS’s lease was set to expire in 2020. The building, which RXR bought from a partnership between AXA Financial and JPMorgan Asset Management, is nearly [...]
By Liam La Guerre Midtown needs to continue to modernize its 20th century building stock to continue to be competitive, RXR Realty’s Chief Executive Officer and Chairman Scott Rechler preached at Commercial Observer Midtown Means Business panel on April 20. Mr. Rechler can speak with authority as his company recently completed a $130 million renovation of 75 Rockefeller Plaza, gutting the building and adding new windows and elevators, after acquiring a 99-year ground lease for the 33-story tower in 2013. “There has been a transformation in the New York real estate market and in Mi [...]
RXR Realty’s operating platform manages 87 commercial real estate properties and investments comprising 23.1 million square feet with an aggregate gross asset value of approximately $12.7 billion as of December 31, 2015. In addition, RXR has a residential development pipeline of approximately 3,000 residential and for sale units in the New York metropolitan area.