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Garvies Point: City Life, Suburban Surroundings – Glen Cove is getting a much needed billion-dollar makeover

By Christopher Szaz & Edwin J. Viera, Millennium Magazine Nestled along Long Island’s Gold Coast, the small city of Glen Cove is undergoing a massive development. For the last twenty years, the city has partnered with RXR Realty to redevelop 56 acres of the town known as Garvies Point. For years, this area was blighted, and was for a time a superfund cleanup site. Now the project has leapt off the page and is in full swing. The new Garvies Point will contain several new apartment buildings with retail spaces on the ground floors, marinas, as well as a new ferry which will run from Garvies Point to East 34 Street in Midtown Manhatt [...]

The RXR operating platform manages 73 commercial real estate properties and investments with an aggregate gross asset value of approximately $17.9 billion, comprising approximately 23.4 million square feet of commercial operating properties and control of development rights for approximately 6,300 multi-family and for sale units in the New York Metropolitan area. Gross asset value 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.