By Konrad Putzier, The Real Deal
Port Authority of New York and New Jersey executive David Garten left the bi-state agency to join his former boss Scott Rechler at RXR Realty.
Garten served as Rechler’s chief of staff for three years while the developer doubled as vice chair of the agency. Rechler left the Port Authority last year and Garten briefly served as chief of staff to his successor Steve Cohen until Cohen resigned in November.
At RXR, Garten will work with former Economic Development Corporation head Seth Pinsky on the company’s suburban development projects in towns like Hempstead on Long Island. He will also handle infrastructure investment.
RXR made headlines with major Manhattan deals over the past year, but has quietly been investing in suburban real estate as well.
“You’ve got a crisis in the city, where people can’t afford to live and all the right ingredients are here,” Pinsky told The Real Deal last year. “To me, it seems obvious. Once you start looking at it, you think, ‘Why haven’t we been doing this all along?’”
Since leaving the Port Authority, Rechler has criticized the agency.
“Maybe in reality it’s impossible to keep it from being attacked by politics,” he said in February, adding that it may be time to ask, “Should we break it up?”
Published: April 26, 2017
Filed Under: Company
The RXR platform manages 74 commercial real estate properties and investments with an aggregate gross asset value of approximately $17.7 billion, comprising approximately 23.7 million square feet of commercial operating properties and approximately 6,000 multi-family and for sale units in various stages of development in the New York Metropolitan area as of September 30, 2017, adjusted for transactions through October 18, 2017. Gross asset value is compiled by RXR Realty in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage.