As New Rochelle pushes forward with the redevelopment of a large swath of land around its train station, city officials are promising that taxpayers won’t have to foot the bill. Earlier this month, the City Council approved an agreement with a venture of developers—RXR Realty and Renaissance Downtowns LLC—to come up with a master plan for revitalizing 11 acres of city-owned land around New Rochelle’s train station, which serves both a Metro-North train line out of Grand Central and Amtrak trains coming from Penn Station. The plan—which is expected to include a mixture of office [...]
Developer Scott Rechler hasn’t lost his taste for New York real estate. Just three months after selling a big chunk of his Manhattan portfolio to Blackstone Group, he is buying the historic office tower at 230 Park Avenue for $1.2 billion. Mr. Rechler’s company, RXR Realty, has closed on the purchase of the 1.4 million square foot building from a venture of Monday Properties and Invesco. The building, which is sometimes referred to as the Helmsley Building, is just north of Grand Central Terminal and known to many because Park Avenue foot and vehicle traffic run through it. The deal [...]
The Glen Cove Planning Board has approved the first phase of the long-awaited waterfront development, bringing the project significantly closer to breaking ground. The board on Tuesday night unanimously accepted the site plan and the subdivision plan with conditions, such as requiring the developer to obtain all necessary approvals, licenses and permits. The 56-acre, multiuse development, known as Garvies Point, would be built on the north side of Glen Cove Creek and supplement the city's ferry project, on which ground was broken in 2010. "I think that the developer and city are tryin [...]
RXR Realty’s operating platform manages 88 commercial real estate properties and investments comprising 23.1 million square feet with an aggregate gross asset value of approximately $12.2 billion as of September 30, 2015. In addition, RXR has a residential development pipeline of approximately 3,000 residential and for sale units in the New York metropolitan area.