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RXR Announces 72,600 SF In Leasing Transactions Completed At 225 High Ridge Road in Stamford
7/19/2010
Blue-Chip tenants - Bank of America, Philip Morris and Ford Motor Co. among those renewing leases at trophy property
July 15, 2010 (Stamford, CT) – RXR Realty LLC, (“RXR”) a leading real estate operating company in the New York Tri-State region, today announced the renewal of four leases and the signing of a new lease at its trophy property, 225 High Ridge Road, in Stamford, Conn.
The five long-term leases total 72,600 square feet of space – almost one-third of the 228,000-square-foot, twin three-story office buildings. One of RXR’s trophy properties in the region, 225 High Ridge Road is fully amenitized on a 14-acre landscaped campus, with classic formal architecture, extensive gardens and plantings and sophisticated lobbies featuring high quality decorative stone and wood paneling.
Those signing leases were:
-Bank of America, renewing for 39,000 SF of office space.
-Philip Morris Capital Corp., an investment firm, renewing for 28,000 SF.
-Ford Motor Co., renewing for 2,100 SF.
-Ameriprise Financial Services Inc., signed a new lease for 2,100 SF
-Delmhorst & Sheehan Real Estate Advisory Services, signing a new lease for 1,400 SF.
“RXR has always believed in a 'service first' approach to management, which has consistently resulted in meeting and exceeding our tenants' needs,” said Joel Cardillo, Senior Vice President at RXR Realty. “By developing an understanding of what works in the marketplace, we have been able to provide solutions that drive success as evidenced by the volume of our renewals and our new leases.”
Highlighting one of 225 High Ridge Road’s amenities, RXR recently hosted a gathering in the property’s English Garden for the regional commercial brokerage community. The event was held to acknowledge the effort and support of the brokers within the RXR portfolio. More than 70 brokers attended the event.
Centrally located in Stamford, 225 High Ridge Road has easy access to the Merritt Parkway and I-95. Amenities in the buildings include: Two executive conference rooms, with fine grade wood paneling and floors for tenant meetings/private dining; fiber optic connection; 24/7 attended lobby; state of the art, professionally managed, fitness center with locker rooms and showers; 215-seat, full-service cafeteria; parking ratio of 3:1,000, a portion of which is covered; fully automated HVAC system; and a private shuttle service to Stamford Transportation Center.
For more information about 225 High Ridge Road or any of RXR’s properties, contact Joel Cardillo at 914 517 7815 or jcardillo@rxrrealty.com.
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RXR To Open Children's Corner Learning Center At Tarrytown Corporate Center
7/6/2010
Anthony Ross has built six child care centers in the last five years and “it’s reasonable to say I’ll build six more.”
The Tarrytown-based managing director of Center Management Associates Inc. will open a 12,600-square-foot Children’s Corner Learning Center at the Tarrytown Corporate Center this fall.
The 170,726-square-foot building at 580 White Plains Road is owned and managed by RXR Realty L.L.C.
“If you look at the area with all of the residential and all of the apartments, there’s a need,” said Joel Cardillo, senior vice president of leasing at RXR Realty. “I think it is a question of where it’s viable and where you think it’s going to be successful. A lot of money is invested in building something like this. They probably cost in excess of $100 a foot and that’s before tenant finishes, so it’s very expensive.”
The Tarrytown center is Ross’ 10th location; he is now in the process of converting a day care center on Route 9 in Wappingers Falls into a Children’s Corner Learning Center; it will turn over on Aug. 1.
But despite his healthy – and growing – portfolio of properties, Ross says the concept of day care at the office park is not necessarily a new trend.
“You’re talking to a very old-timer,” he says. “I started in 1973. There’s no shortage of child care, but there is a shortage of affordable child care. We look for a very high-end, Class-A office building, but don’t always go after the high-end market in child care.”
Employees at the corporate center and the general public can enroll; clients are charged on a per-month basis.
Tarrytown Corporate Center’s Property Manager Susan Curtis said that tenants are excited.
“From our perspective, it’s more than a tenancy,” she said. “It’s an amenity.”
Joseph Kelleher, president of the Hutchinson Metro Center in the Bronx, which is owned by New Rochelle-based Simone Development Cos., said that the Children’s Corner Learning Center at his complex thrives because “it’s in kind of a protected environment.”
“It’s obviously very convenient to have your children where you’re working,” he said. “There’s parking and it’s easy for them to pull into the parking lot where there are other amenities like dry cleaners and restaurants.”
At the Children’s Corner at RPW Group’s 1133 Westchester Ave. property in White Plains, formerly owned by IBM Corp., the landlord built a specially designed drop-off for children, Ross said.
It will be mimicked in the new Tarrytown center, but “the parking lot was adjacent to the door so it was just a matter of a new sidewalk and new doors.”
At the White Plains center, Ross says he would like to take out another 10,000 square feet for an indoor play area and before- and after-school programs.
“At 1133 next year, we’ll be starting what we call a young camp,” Ross said. “We notice we lose about 25 to 35 percent of our enrollment in the summertime that go off to camps … we want to do something along the lines of a medium-priced camp.”
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RXR Teams with Habitat for Humanity on Long Island for its 2010 Women Build Project
6/30/2010
One of RXR’s core values is to improve the quality of life in the communities in which it operates. In an initiative aimed at delivering on this important credo, RXR recently supported the 2010 Habitat Suffolk Women Build. Through the efforts of Justina Bornn, Job Captain, Central Architecture and Jesse Laserson, Vice President, Director of Project Administration, six employees, Lumi Cacace, Andrea Clemente, Sefi Graider, Marilyn Green, Jacqueline LaGrandier and Sasha Singh, represented RXR in building the home for the Sabolenko Family, residents of Patchogue.
The Women Build project unites females of all ages to put on hard hats, swing hammers, and help build homes for hard-working, low income families in Suffolk County. The build which RXR volunteered for was sponsored by the National Association of Women in Construction in East Patchogue, in addition to Lowe's and The Roslyn Savings Foundation.
About Women Build
Women Build is Habitat’s volunteer program for women who want to learn construction skills and make a difference by building homes and communities.
Women Build projects are regularly held by Habitat affiliates across the United States, and by Habitat organizations around the world. Women at these builds have furthered Habitat’s home-building mission by helping to construct more than 1,700 houses.
Support a Women Build in your community
Regular Women Builds take place throughout the year and around the world. For a listing of upcoming Women Builds, visit Habitat's Special Events directory.
The international movement
Women Build projects, fundraising campaigns and advocacy efforts have taken place in more than 30 countries. In many of these places, Habitat works directly through women’s savings groups to help build homes in partnership with families in their communities. Learn more about how you can get involved in the international Women Build movement.
If you would like to volunteer your time, to help a family in need please visit the Habitat for Humanity website at www.habitatsuffolk.org.
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RXR Glen Isle Partners Receives Vision Long Island’s 2010 Smart Growth Award for Glen Cove Waterfront Redevelopment
6/18/2010
Vision Long Island, a recognized leader in the field of Smart Growth in the region, has awarded RXR Glen Isle Partners its 2010 Smart Growth “Best Mixed Use Project” Award for the redevelopment of the City of Glen Cove’s waterfront. The award was presented at Vision’s annual awards ceremony at the Crest Hollow Country Club in Woodbury this past Friday, June 18th. This is the latest recognition of the Glen Isle Project by a leading regional planning/sustainability group as the project has previously been designated a Project of Regional Significance by the Long Island Regional Planning Council and was recognized by the New York League of Conservation Voters this past Fall.
Vision Long Island Executive Director Eric Alexander said, “We are proud to honor Glen Isle with a 2010 Smart Growth Award for creating a mix of uses. Through a strong public-private partnership and extensive community outreach, the developers have created a project that will successfully transform a blighted brownfield site into a vibrant, walkable, mixed-use community.”
Alexander added, “This is the first large scale mixed use project that creates a town center that complements the existing downtown. The addition of ferry service only enhances what will be a model project for Long Island.”
Vision Long Island is a not-for-profit organization that educates, advocates, plans, designs, and provides technical assistance on Smart Growth projects. Vision brings the best practices of community design together with experts, stakeholders and decision makers to advance quality growth and preservation on Long Island. The RXR Glen Isle project was chosen for its creation of a mix of uses along the waterfront in Glen Cove and was amongst a dozen honorees receiving a 2010 Smart Growth award for a wide array of projects and personal efforts that are in-line with Vision’s mission.
The RXR Glen Isle project represents a true smart growth, mixed use project that will include a range of residential uses along with hotel, retail, cultural, commercial, entertainment, recreational and maritime components. The project addresses a number of smart growth goals and objectives, including (i) redevelopment of a brownfield site that had been designated as a Superfund Showcase Site by the U.S. Environmental Protection Agency, (ii) creation of a walkable community with significant public open space and parkland along with (iii) multi-modal transportation and connectivity options which include Ferry Service to/from Manhattan and other destinations.
Glen Cover Mayor Ralph Suozzi said, "The recognition of this project by Vision Long Island highlights once again Glen Cove's continuing efforts to revitalize our community in adherence to modern design and planning principles in collaboration with our many partners including RXR Glen Isle, the federal, state and county governments and their agencies in an effort to turn a former industrial site back to productive mixed-use. This award demonstrates our commitment to local revitalization that has positive implications throughout the entire region."
“We are very proud of and grateful for this recognition of the Glen Isle project by Vision Long Island”, said Scott Rechler, Chairman and CEO of RXR Realty, a partner in RXR Glen Isle Partners, LLC. “Through this award, the city’s initiative to reclaim acres of the Glen Cove waterfront for viable economic, housing and recreational uses is now being recognized for the quality of its planning and is a great sign that the project is moving in the right direction. A strong partnership with the City of Glen Cove, under the leadership of Mayor Suozzi, has been key to the success of our efforts to date and to the long-term economic, environmental and esthetic impacts of this project, which will benefit the people of both Glen Cove and the region.”
“We are proud to receive this designation as Best Mixed Use Project by Vision Long Island. It represents a true milestone of the Public-Private Partnership between RXR Glen Isle and the City of Glen Cove. This project should serve as an example of how our Island can grow by focusing development efforts in and around our existing downtowns, with a focus on the right mix of uses and alternative modes of transportation. It is this triple bottom line approach to development – social, economic and environmental responsibility – that will provide for a better future for our region”, said Donald Monti, Managing Partner of RXR Glen Isle Partners, LLC.
RXR Glen Isle Partners, LLC is a joint venture between RXR Realty, Long Island’s largest real estate developer, owner and operator led by Scott Rechler, along with Donald Monti, President and CEO of Renaissance Downtowns, LLC and Michael Posillico of the Posillico Group.
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RXR Purchases Interest In 340 Madison Avenue
5/24/2010
RXR Purchases Interest in 340 Madison Avenue
RXR Realty, led by Scott Rechler, returns to Manhattan with its first direct property investment since its formation in 2007
Uniondale, NY – May 24, 2010 – RXR Realty LLC (“RXR”), a leading real estate operating company in the New York Tri-State region, announced today that it is under contract to purchase an interest in 340 Madison Avenue from the D. E. Shaw group. RXR will acquire the interest based on a $570 million property valuation, which equates to $687 per square foot on the office component of the property. Broadway Partners (“Broadway”) will retain a 51 percent interest in the property. It is anticipated that RXR will assume the day-to-day management of the property in the near future and Broadway and RXR will serve as co-asset managers.
Occupying the full block front of Madison Avenue between 43rd and 44th streets, 340 Madison Avenue is located one block from Grand Central Terminal. The property’s complete redevelopment in 2006 distinguishes it from its competitors as one of the few modern assets among the predominantly older array of office buildings in the Grand Central market. Broadway implemented a $40 million repositioning and successfully leased more than 415,000 square feet since purchasing the property in 2006. This repositioning increased occupancy from 43 percent to 92 percent with high quality credit tenants including McDermott Will & Emery, Mass Mutual, PNC, SunGard and The Office of the Comptroller of Currency. The property’s strong cash flow generated by these tenants is a major driver of its value.
RXR will utilize capacity from its balance sheet and recently raised real estate opportunity fund to acquire the interest. RXR will lead the recapitalization on behalf of the RXR/Broadway venture and the refinancing of the existing first mortgage debt.
RXR is led by Scott Rechler and several key members of the former management team of Reckson Associates Realty Corp. which was sold to SL Green in January 2007. This is RXR’s first direct property investment in Manhattan since its formation in 2007, although it has been purchasing debt secured by Manhattan assets.
“340 Madison Avenue is one of only a handful of modernized Class A office buildings in the marquee Grand Central market,” said Scott Rechler, Chairman and CEO of RXR. “As we have seen in past cycles, the New York City real estate market is leading the upturn. We believe this is the opportune time to be investing in Manhattan as the leasing markets have bottomed and are primed for a near-term recovery.”
Rechler added, “By structuring this transaction in a creative manner it allowed us to underwrite more attractive returns than could otherwise be expected from an outright purchase of the property.”
Broadway CEO Scott Lawlor commented, “Midtown Manhattan’s commercial office values appear to have stabilized and we see considerable upside potential ahead. We look forward to benefiting from that market rebound by retaining our investment in this outstanding property, and by working closely with Scott Rechler and his team to maximize future value gains.”
The $570 million valuation is a 6 percent cap rate on in-place net operating income (NOI) and represents a 35 percent discount to replacement cost. The property’s rent roll is stable, with less than 4 percent of the rentable square feet expiring over the next three years and less than 15 percent over the next eight years.
Darcy Stacom and William Shanahan from CB Richard Ellis represented Broadway and the D. E. Shaw group in the transaction.
About RXR
RXR Realty LLC (“RXR”) is a vertically integrated private real estate company with expertise in investment management, property management, development, design, construction, leasing, financing and asset management.
RXR’s growth strategy is focused on New York City and the surrounding markets. RXR is one of the largest owners, managers, and developers in the New York Tri-State Area with interests in approximately $2.5 billion in assets, comprised of 102 operating properties containing approximately 12.9 million square feet.
About Broadway Partners
Broadway Partners is a private national real estate investment and management firm headquartered in New York. The firm invests in high quality real estate in select markets nationwide, and is a vertically integrated owner/operator with professionals from a wide spectrum of disciplines, including acquisitions and dispositions, capital markets, property and asset management, investor relations, leasing and law. The firm’s equity partners represent a cross section of both domestic and international institutional and private investors.
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Ritz-Carlton Residences, North Hills Featured on WPIX
5/16/2010
The Ritz-Carlton Residences, North Hills was recently showcased on The WPIX's Metro Residential, a weekly real estate and design series exploring all aspects of The Residences,
lifestyle, real estate, and design, Sunday May 16th.
Host Jeff Appel received an all access pass into Long Islands' only Five-Star lifestyle and one of two, Resident-only, Ritz-Carlton properties in the world. The tour featured a day-in-the-life of Ritz-Carlton resident, a view of the designer model and its custom features, as well as, a snap shot - virtual tour of the spectacular 35,000 square-foot clubhouse.
“It was exciting to demonstrate to Jeff and the viewers what true five-star living will be like at The Ritz-Carlton Residences here in North Hills” say Senior Vice President Gabe Pasquale.
For more information on pre-release pricing or to setup a private tour, please call 516-486 6100 or visit rcr-longisland.com.
To view the WPIX show Click Here
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RXR Teams with NY Giant Justin Tuck in Support for Literacy
5/14/2010
In 2008, Justin Tuck, and wife, Lauran, founded Tuck’s R.U.S.H for Literacy to encourage children to READ, UNDERSTAND, SUCCEED and HOPE. Tuck has been committed to raising funds that donate books and reading materials to support children in the New York City and Central Alabama communities. By supporting the communities that have supported Justin and Lauran, the Tucks hope to encourage children to embrace literacy. In 2008, Tuck’s R.U.S.H. for Literacy partnered with All Stars Helping Kids, founded by NFL Hall of Famer Ronnie Lott, to help disadvantaged children across the nation.
Each year, students complete a handwritten essay on one of the books they read that summarizes what they liked about the book and what they learned from it. Lauran and Justiin recognize the kids who are most consistent and enthusiastic in their essays and invite one student from each participating school to attend a New York Giants game.
In the inaugural year of the charity, more than 17,800 books were delivered to over 1,500 children. In continuing along the path, Justin and Lauran will work to increase the number of books and serve more children every year.
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The Long Island Marathon......A Great Race!
5/6/2010
As an active supporter of our communities, RXR and TIAA-CREFF continue to carry on corporate traditions as the primary sponsors of the Long Island Marathon, one of the most popular marathons in the country. Completing its 38th year, always held on the first Sunday in May, the Long Island Marathon continues to draw a larger group of participants every year. This year, the number of runners climbed to the highest in over a decade with a 30% increase in registered participants totaling over 8,000-a testimony to the race's growing recognition and wide-spread appeal.
The event has evolved into a family weekend - one that is packed full of excitement, energy and healthy fun for everyone. Fitness choices abound offering the full and half marathon to the 10K, the 5K, a 1-Mile Run and even a course for the little ones - The Kidz Fun Run. Marathon weekend featured culture and fitness side by side for the whole family.
Congratulations to all those who participated in the 2010 Long Island Marathon and thank you for making this race a great success!
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News 12 Highlights the 38th Long Island Marathon at RXR Plaza
4/29/2010
Sunday, May 2nd marks the 38th running of the Long Island Marathon. To prepare for one of Long Island's favorite events, News 12 reporter, Erin Colton reported live from RXR Plaza on Thursday April 29, 2010. Joining Erin to provide runners with the tips and techniques to prepare for the marathon was Deputy Commissioner Jose Lopez of the Nassau County Parks Department. Deputy Commissioner Lopez and Erin worked out in RXR Plaza's fitness center and tasted mouth - watering Pre Marathon recipes which were prepared by Executive Chef Pablo Fuentes of Filk, the cafe at RXR Plaza. Also in attendance were Cardiologist Dr. John Veditto from St. Francis Hospital and Dr. Peter Stein, a sports medicine and fitness expert who provided viewers with exercise techniques and good heart health suggestions.
In addition, Carol Allen, Senior Vice President of Marketing for RXR was on hand to announce two new contests for this year's race. "The Long Island Town Challenge" trophy which will be awarded to the township in Long Island that has the most runners registered for the race. Also,"The Run for Charity Challenge" trophy which will go to the cause-related non-profit with the most people registered to run with their team.
To view the video clips, please visit www.news12/li.com
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RXR Realty Debuts First Phase of Luxury Condominiums At The Ritz-Carlton Residences, North Hills, On Long Island's North Shore
4/26/2010
North Hills, NY, April 26, 2010— Developers of The Ritz-Carlton Residences, North Hills today announced the launch of the first phase of what will be 244 ultra luxury condominium residences and a 35,000 square-foot world-class clubhouse on Long Island’s North Shore. Scott Rechler, CEO of RXR Realty, the tri-state area’s leading real estate company, made the announcement.
The 16-acre site is located in the Village of North Hills, in the top-ranked Great Neck South school district, only 20 miles from Manhattan, a few miles from the Long Island Sound and the North Shore waterfront, and just minutes from Americana Manhasset, the East Coast’s Rodeo Drive.
The Residences will offer a level of quality, style and service previously available only at the finest European hotels.
Each home will be accessible from a semi-private elevator, and will be crafted from the finest materials. Kitchens will be outfitted with Wolf and Sub Zero appliances, imported granite countertops and custom cabinetry. Living areas will offer crown molding, gas fireplaces and designer-quality flooring. Owners will enjoy marble bathrooms with oversized soaking whirlpool tubs and spa showers.
Homeowners at The Residences will also enjoy the signature services of The Ritz-Carlton, including concierge service to handle all reservation and ticketing needs.
The Residences, inspired by French Neo-Classical architecture, will feature five condominium buildings, each fully staffed with concierge, doorman and valet.
The Vanderbilt will be the first-built, with 58 individually designed residences, starting at 1,712 square feet, with the largest exceeding 4,600 square feet. Prices range from $1.5 million to over $4.5 million. Homeowners who purchase now will be able to take advantage of special introductory pricing in addition to a broad choice of locations and designs.
The clubhouse, being built as part of this first phase of the project, will contain a grand salon and ballroom, state-of-the-art health and fitness center, wellness spa, wine tasting lounge, clubroom, private events room, screening room, card rooms, business center, and indoor and outdoor swimming pools.
“The Ritz-Carlton marque stands for quality, service and style,” said Gabe Pasquale, senior vice president and leader from RXR of The Ritz-Carlton Residences, North Hills project. “Our homes will more than live up to these high standards, and will raise the bar for luxury living."
For more information, call (516) 486-6100 or visit www.RCR-LongIsland.com
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Nassau County Executive Edward Mangano & RXR CEO Scott Rechler Present Two New Challenges For 2010 RXR/TIAA-CREF Long Island Marathon Festival of Races
4/19/2010
April 19, 2010 (Uniondale) - Nassau County Executive Edward P. Mangano and RXR Chief Executive Officer Scott Rechler announce two new challenges for the 2010 RXR/TIAA-CREF Long Island Marathon -"The Long Island Town Challenge" and "The Run for Charity Challenge". The announcement was part of the annual Marathon press conference, held inside the winter garden at RXR Plaza in Uniondale, just a short distance from the race's starting line on Charles Lindbergh Boulevard.
The two new contests will enhance the competitive spirit of the Marathon weekend, which is enjoying a 30% increase in registration to date this year over last year. "The Long Island Town Challenge" recognizes the Long Island township with the most registered runners on Marathon weekend. "The Run for Charity Challenge" acknowledges the local charity with the most participants registered on its team for the Marathon weekend's Festival of Races. Both trophies will be awarded the week following the Marathon.
"The Long Island Marathon offers running opportunities for athletes of all ages," said County Executive Mangano. "Come be a part of the tradition. All families should come run, to help live long and be strong."
The RXR/TIAA-CREF Long Island Marathon offers a wide range of running opportunities for athletes of all ages and levels of skill and endurance. The Festival of Races included a children's Fun Run, a one mile and a 5K race on Saturday, May 1, and a 10K, half and full marathon on Sunday, May 2. "The Festival of Races" celebrates its 38th year as Long Island's largest sporting event.
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Wall Street Journal Reports RXR Poised to Pounce
4/7/2010
A Real-Estate Player Looks Poised to Pounce
RXR Realty Uses ‘Mezzanine’ Debt to Gain Control of Office Properties on the Cheap; Largest Landlord on Long Island?
New York - (April 7, 2010) - Scott Rechler sold his real estate company which grew from his family business to include New York office buildings – at the top of the market in 2007 for $4.1 billion. Now Mr. Rechler is positioning his new company to start buying again, the latest sign that some investors believe prices are at or near a bottom.
Mr. Rechler’s RXR Realty as early as this week will take control of 32 suburban office properties from CLK/Houlihan-Parnes, a partnership that late last year defaulted on nearly $30 million in mezzanine debt held by RXR. Mezzanine debt was often used by real estate buyers during the boom to fill the gap between equity and the first mortgage. Now, during the bust, some investors are buying delinquent mezzanine debt as a maneuver to take control of the underlying properties in the event the property owner defaults. Often, they can take control of properties on the cheap.
The mezzanine debt gives Mr. Rechler the “inside track to acquire the assets,” said Brian Lee, a principal with Newmark Knight Frank on Long Island, NY. But the process can be messy. Even though Mr. Rechler said RXR has consensually agreed with CLK to ultimately take full ownership of the properties and will assume the existing first mortgage, CLK says it still hopes to keep its properties. “We’re trying to work it out,” said Craig Koenigsberg, the CLK investor most active in the portfolio.
If RXR is successful in acquiring the 32 Woodbury buildings, it would drastically increase its Long Island real estate holdings, leaving Mr. Rechler as Long Island’s largest office landlord in a region where his company’s moniker already is associated with several trophy properties, including RXR Plaza. “Long Island’s obviously our strongest market,” Mr. Rechler said.
CLK’s space, known as the Woodbury Office Portfolio, is made up of smaller, less glitzy buildings. CLK said it would continue to own and manage more than 3.5 million “well-located” square feet on Long Island. The Woodbury office properties are in Nassau County in an “irreplaceable location nestled on the North Shore of Long Island in a place where a lot of people want to do business,” Mr. Rechler said.
While rents have fallen from the peak overall and vacancy is near 10%, Mr. Rechler is confident rents will eventually rise. He says that diversifying the portfolio provides a competitive advantage: He will be able to target small and midsize tenants uninterested in fancy space for now. But should those businesses need to upgrade or expand in the future, he can keep the tenant within his portfolio.
CLK paid $335 million in 2005 for the Woodbury Office Portfolio. The price tag, which some locals say broke records, ushered in a buying frenzy as investors used high-debt deals to bet on rising rents. As the sales market sizzled, some estimate that half of the Island’s notable addresses changed hands. In 2007 alone, 62 Island office buildings traded for $1.8 billion, according to Real Capital Analytics. But sales slowed with the downturn: Last year, eight Island buildings went for just $39 million.
No one expects Mr. Rechler’s deal to jump start sales: The financial and mortgage tenants that rushed to ink deals during the boom are vacating, leaving plenty of empty space. Competition for new deals is fierce, so much so that tenants can demand as much as a year free of rent for longer-term leases.
That, along with the tight credit markets, has made refinancing loans nearly impossible. More than 20% of Nassau County’s commercial loans are in special servicing, or getting extra attention to rework the debt, compared with 11.1% nationwide, according to Trepp LLC.
“A lot of these owners are faced with the choice of double down and put more equity in the property or just basically hand back the keys to the lender,” said Dan Fasulo, a managing director with Real Capital Analytics. “Their equity’s wiped out, they have near-term refinancing issues with the loan. There’s just no way to make it work in a new paradigm.”
The Rechler name has dominated Long Island real estate for half a century. William Rechler, Scott’s grandfather, helped build an industrial park. The company Reckson Associates Realty Corp., went public in 1995. In early 2007, Reckson was acquired for $4.1 billion, by SL Green Realty Corp. Mr. Rechler then partnered with TIAA-CREF and other institutions to buy back the less glamorous suburban properties for $2.1 billion.
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At Home at the Harbor
3/28/2010
AT HOME AT THE HARBOR
Couple relishes waterfront living, city lifestyle at Ritz-Carlton Residences
Baltimore, MD – (March 28, 2010) - Pinch me! Said Jan Ferguson, gesturing beyond her living room window where – even under gray clouds-the magnificent waterfront of Baltimore’s Inner Harbor plays host to a few gulls, boats and water taxis, and where the large grid of the neon Domino Sugars sign stands sentinel.
Jan and Ray Ferguson moved into the Ritz-Carlton Residences 18 months ago. They purchased their waterfront home for $1.9 million before it was even built.
“We visited the [site] prior to excavation when an old propeller shack was all that was left of the shipyard,” Ray Ferguson said.
Because they were at the very beginning they were able to customize their residence right down to adding extra feet to the kitchen, changing around the master bedroom and adding a few walls where there were none for a less loft like homier ambience. “There’s not another floor plan like ours”, said Ray Ferguson, a 70 year old retired sales representative for laboratory equipment.
Indeed, the 2,700 square foot layout twists and turns from the front foyer – with its own private elevator – to al long interior hall opening onto a large, bright living room, to a separate dining room, oversized kitchen, studio and guest room. A turn toward a separate wing past the living room leads to the master suite’ and bath and the guest bathroom. A butler’s pantry at the entrance to the home includes storage, a washing machine and dryer. A separate door from this room leads to a hallway where deliveries can be made without entering the rest of the home.
The Fergusons’ two Birman cats, newly groomed and sporting tiny bells on their collars, follow their mistress from room to room, occasionally jumping onto an end table to sniff at a live and colorful arrangement. (Jan Ferguson, 68, owned her own business, Plantscape, until selling it to her daughter-in-law.)
The formal dining room off the living area is stunning with its deep terra cotta painted walls and the centerpiece, a round drum table of tiger maple surrounded by four-cream colored leather arm chairs. Four more, placed in the living room and flanking a tiger maple buffet, complete the suite that also includes leaves that transform the table to 12 feet in diameter.
The oversized kitchen features cherry wood cabinetry, black granite countertops and stainless steel appliances.
“We eat out so often that cooking [here] is an event night,” said Ray Ferguson. This is as much a testimonial to the couple’s worry – free lifestyle as it is a tribute to area chefs.
Jan Ferguson carries a silk taupe-color swatch in her hand as she places it against the walls. “This is the color I want, but a shade lighter” and against the windows. “This is the fabric for the draperies.” Both realize there is far more decorating to do but acknowledge they are off to a good start.
“I tell Jan to make the decoration a hobby”, Ray Ferguson said. “Do a little at a time.”
It seems to be advice well taken, because the couple are very involved in their cards clubs (his is a poker group and called the Ritz Crackers), the indoor fitness center, pool and movie theater. They also entertain the grandchildren with relish.
“Want to see my favorite place?” Ray Ferguson asks.
The place is their own piece of waterfront property where they sit and watch the boats pass, view fireworks and listen to the concerts on Pier 6. They also enjoy their covered veranda, marked on either side by thick brick columns.
After the couple’s 38 years of living on the water in Arnold and raising their two boys with what Jan Ferguson calls “the boats, dogs, cats and snakes,” their Ritz Carlton residence is a continuation of that lifestyle minus the work.
“We didn’t have to give up waterfront country living in order to live in the city,” Ray Ferguson said.
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2010 RXR/TIAA-CREF Long Island Marathon May 1st & 2nd
3/11/2010
May 1st & 2nd
RUNNERS: READY. SET. GO.
With its 38-year tradition of excellence, the Long Island Marathon continues to be the premier competitive running event. The Friends of Nassau County Recreation along with the Nassau County Department of Parks, Recreation & Museums and RXR and TIAA-CREF look forward to bringing the running community even more excitement for this year's event. Race weekend starts on Saturday, May 1st with the second annual 1-Mile Run and 5K Race outside the Cradle of Aviation Museum in Garden City and continues through Sunday, May 2 with the Marathon, Half Marathon and 10K Race, starting on Charles Lindbergh Blvd across from the Nassau Coliseum. Everyone, at every skill level, can participate in the 2010 RXR / TIAA-CREF Long Island Marathon: Festival of Races.
General Information
5K Race | 1 Mile Run
Date: Saturday - May 1, 2010
Start: Charles Lindbergh Blvd. 8:00 AM
Finish: Mitchel Athletic Complex
Marathon | Half Marathon | 10K Race:
Date: Start: Charles Lindbergh Blvd. 8:00 AM
Finish: Eisenhower Park
Registration Options
- Online: www.thelimarathon.com
- Register at the Health & Fitness Expo from 4/30 – 5/2 (processing fee will apply)
- Note: 5K Race & 1 Mile Run registration is NOT available after 5/1/09
- Confirmation will be sent via e-mail only to those who provide an e-mail address.
For more information, please visit The Long Island Marathon website
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Leasing Momentum Continues in RXR Portfolio through 4Q 2009
1/8/2010
- RXR closes 2009 matching the robust leasing performance of 2008. This activity reflects the strength of the firm’s brand and its position as quality leader in the New Jersey marketplace -
SHORT HILLS, N.J. (JANUARY 11, 2010) – RXR Realty LLC (“RXR”), the leading real estate operating company in the New York, Tri-State region, has announced a strong year of leasing and renewal performance throughout its premier New Jersey holdings in 2009, reflecting the firm’s unequivocal market position as one of the leading office landlords in the New York Metropolitan area. This robust performance matches RXR’s leasing activity in 2008, a banner year for the firm.
“Fundamentally speaking, there is no denying that 2009 was among the most challenging years in which to complete commercial real estate transactions on both a national level and within the state of New Jersey,” said Todd Rechler, Co-Chief Operating Officer of RXR and President of RXR Construction and Development. “Despite this trend, we closed the year with strong leasing momentum within our New Jersey portfolio, completing significant leasing transactions and renewals. Ultimately, we believe that our firm’s dedication to service, superior building architecture, strategic locations and amenity packages helped to increase our already strong rate of tenant retention and leasing activity in 2009. Given the turbulent economic times that we are operating in, we believe this activity is a testament to RXR’s overall strength of ownership and brand recognition within the New Jersey marketplace.”
The following lease and renewal transactions are examples of the significant deals that were completed in 2009 within RXR’s portfolio of Class-A office properties located throughout New Jersey:
- Otsuka America Pharmaceutical, Inc at One University Square, Princeton, New Jersey
- Axis Reinsurance Company at One University Square, Princeton, New Jersey
- Wells Fargo Advisors, LLC at 51 JFK Parkway, Short Hills, New Jersey
- Wells Fargo Insurance Services at 7 Giralda Farms, Madison, New Jersey
- Appaloosa Management, LP at 51 JFK Parkway, Short Hills, New Jersey
- Government Employees Insurance Company (GEICO) at 300 Executive Drive, West Orange, New Jersey
About RXR
RXR Realty LLC (“RXR”) is a vertically integrated private real estate company with expertise in investment management, development, design, construction, leasing, financing and asset management.
RXR’s core growth strategy is focused on the markets surrounding New York City. The Company is one of the largest owners, managers, and developers in the New York Tri-State Area with interests in approximately $2.8 billion in assets, comprised of 70 properties containing approximately 11.2 million square feet, and an extensive development pipeline.
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RXR Honors New Jersey’s Real Estate Community at Annual Year-End Gala
1/3/2010
RXR Realty LLC (“RXR”), the leading real estate operating company in the New York, Tri-State region, hosted its annual year-end gala and broker awards event on December 2, 2009 at its premier One Giralda Farms office property, located in Madison, NJ
Recognized as one of the most highly anticipated annual industry gatherings in the region, RXR hosts this annual event in recognition and celebration of the New Jersey brokerage community for their work in the northern and central New Jersey markets.
In addition, RXR presented its annual “Broker of the Year” award to Jane Moni of Triad Realty (pictured, center with Stephanie Vitale and Todd Rechler of RXR) in recognition of her outstanding work on the Otsuka America Pharmaceutical, Inc. transaction, a 67,531-square-foot long-term lease at University Square, RXR’s newly completed 313,000-square-foot premier Class-A office building located in the Princeton submarket.
View Full Press Release
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Helping Feed the Hungry in our Communities
12/17/2009
This year, more than ever, our communities are hurting. Food banks across the New York Tri-State report that demand has increased by more than 30 percent. Poverty's reach has widened. Recent studies have discovered that people will cut back on the number of meals they eat - and choose less-expensive, less-nutritious food - before they stop paying the mortgage or light bill, or skip repairs on a car that's needed for work. The good news is: People want to help.
This season, once again, RXR has teamed up with a number of charities through out the Tri-State region to help feed under-served communities.
Some of the charities supported by RXR are:
Island Harvest
Fighting hunger and touching lives, Island Harvest serves as the bridge between those who have surplus food and those who need it, supplying hundreds of community-based nonprofit organizations on Long Island with critical food support to help stem the advancing tide of hunger in our communities. Island Harvest has delivered more than 60 million pounds of food, supplementing nearly 47 million meals, since its inception in 1992. In support of its mission to end hunger and reduce food waste on Long Island, the organization is actively involved in educational and hunger awareness programs to inform the public about the insidious but often unrecognized problem of hunger, even in one of the wealthiest regions of the country, and how individuals, businesses, schools and commercial food establishments can make a difference. Island Harvest is a member of Feeding America (formerly America’s Second Harvest).
Community Soup Kitchen
Community Soup Kitchen’s mission is to provide nutritious meals in a warm, safe, and caring environment, free of charge, no questions asked, to anyone who comes seeking nourishment. As part of their hospitality they also encourage and assist their guests in accessing community resources, services, and educational programs.
The Community Food Bank of New Jersey
What was to become the Community FoodBank of New Jersey began when founder and Executive Director, Kathleen DiChiara, began distributing groceries out of the trunk of her car in 1975. The FoodBank was soon established the same year as part of the Archdiocese of Newark.
Today, the FoodBank distributes over 23 million pounds of food and groceries a year, ultimately serving 1,656 non-profit programs including 436 programs served by its Partner Distribution Organizations (PDOs). Through their combined efforts, they assist three-quarters of a million low-income people in 18 of New Jersey’s 21 counties.
A designated 501(c)(3) charitable organization, the Community Foodbank of New Jersey is a member of Feeding America, the nation’s largest network of food banks, as well as a member of the New Jersey Federation of food banks which includes their Southern Branch, the Food Bank of South Jersey, and three Partner Distribution Organizations (PDOs): FoodBank of Monmouth & Ocean Counties, Mercer Street Friends Food Bank and NORWESCAP Food Bank.
Food Bank for Westchester
The Food Bank for Westchester solicits and administers donations from both the public and private sector, distributing food through local agencies to meet the needs of individuals and families. The Food Bank for Westchester is the supply and support center for approximately 200 frontline hunger relief member agencies throughout Westchester. In addition to delivering 5 to 8 tons of food per day, The Food Bank delivers approximately 5 million pounds of food annually. The Food Bank proudly states “Over ninety cents of every dollar contributed to The Food Bank for Westchester directly feeds the hungry. “
The Westchester Coalition for the Hungry and the Homeless
Without The Westchester Coalition for the Hungry and the Homeless nearly one quarter million Westchester residents could go hungry each day. The Westchester Coalition For the Hungry and Homeless, Inc. solicits and obtains funding from the government and private agencies, corporations and individuals.
Funds are then provided in the form of grants to food pantries, soup kitchens and shelters. The organization is multi-faceted and shares information and services with providers; connects volunteers to programs needing help; promotes legislation for systematic changes; and collects data for provision to government agencies.
The Food Bank of Lower Fairfield County
The Food Bank of Lower Fairfield County, Inc. is lower Fairfield County’s primary hunger-relief organization. They provide food to about 100 non-profit agencies and programs that serve low income people in their six town service area through bags of groceries and congregate meals. These include soup kitchens, food pantries, child care programs, homeless shelters, senior centers, domestic violence safe houses, and rehabilitation programs.
During 2008, The Food Bank supplied 1,205,277 pounds of food to 150,391 individuals (unduplicated within each agency) at a savings to their member agencies of $1.9 million.
Concern for our neighbors and our communities will help ease the way through the food crisis. Each of us can help by donating time, donating food, and getting involved.
Food collection took place at the following RXR properties during the critical holiday season:
Long Island:
- 1305 Walt Whitman Road, Melville
- 48 South Service Road, Melville
- 58 South Service Road, Melville
- 68 South Service Road, Melville
- 395 North Service Road, Melville
- 50 Charles Lindbergh Blvd, Mitchel Field
- The Omni, 333 Earle Ovington Blvd, Mitchel Field
- RXR Plaza, Uniondale
New Jersey:
- 51 JFK Parkway, Short Hills
- 101 JFK Parkway, Short Hills
- 100 Executive Drive, West Orange
- 200 Executive Drive, West Orange
- 300 Executive Drive, West Orange
- 10 Rooney Circle, West Orange
- 44 Whippany Road, Morristown
- 1 Giralda Farms, Madison
- 7 Giralda Farms, Madison
Westchester/Connecticut:
- 660 White Plains Road, Tarrytown
- 580 White Plains Road, Tarrytown
- 560 White Plains Road, Tarrytown
- 555 White Plains Road, Tarrytown
- 505 White Plains Road, Tarrytown
- 80 Grasslands Road, Elmsford
- 100 Grasslands Road, Elmsford
- 225 High Ridge Road, Stamford
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Welcoming in the Holidays
12/9/2009
Hundreds of tenants and community residents gathered to usher in the holiday season to officially light Long Island’s favorite tree, a beautiful 66 foot tall Norwegian Spruce. The tree was lit on December 9th and stands aglow on the Plaza with 32,000 colored LED lights. The tree is illuminated nightly until January 9th. At RXR Plaza, the holiday season is “the most wonderful time of the year”. For many Long Islanders, the lighting of the tree at RXR Plaza marks the beginning of the season. This year, the annual event brought a special blend of Long Island talent, showcasing a range of performances from the young and up-coming to a nationally recognized choir.
Nassau County Girl Scouts
Highlighting the event were the Nassau County Girl Scouts, under the direction of Catherine Azzara. Ms. Azzara is a former member of the “Girl Scout” Chorus, a 2002 Gold Award recipient and Girl Scout Adult Volunteer. Catherine’s education and passion for music make her a great role model for all the girls in the Chorus. For the last 20 years, the Girl Scouts of Nassau County Chorus have entertained thousands of residents of Nassau County, bringing a smile to their faces and reminding them all “what is good about Girl Scouting.”
Syosset High School String Orchestra
The highly regarded Syosset String Orchestra, under the direction of the talented Michelle Denton, performed an array of wonderful musical compositions, including a beautiful rendition of “Mother Ginger from The Nutcracker”, the fun and joyous “We Need A Little Christmas” and an upbeat version of “Fiddle Faddle”. The forty up-and-coming musicians that comprised the string orchestra represented their school with excellence and entertained the crowd wholeheartedly.
West Hempstead High School Choir
The event also featured the West Hempstead High School Choir. The group, comprised of forty of the school’s finest singers, provided a glorious finale, led by Director Patricia McVetty. Over the past few years, the West Hempstead High School Choir has performed at the Music Showcase Festival in Allentown, PA and were rated "Superior". They have also performed in the Music Showcase Festival @ Six Flags. The vibrant group sang magnificent renditions of The First Noel/Pachelbel's Canon, Sleigh Ride, and the Hallelujah Chorus. And then, the moment all waited for … when Jolly Santa appeared and stood along side RXR CEO Scott Rechler and EVP Kenneth Bauer to begin the countdown and officially light the tree.
The Calvary Tabernacle Choir
Then, with the newly glowing tree as a backdrop, The Calvary Tabernacle Choir sang an inspired blend of holiday tunes under the direction of Robert T. Stewart. The Calvary Tabernacle was founded in 1991 in Hempstead and as Hempstead grew, so did Calvary Tabernacle now with more than 700 members. The Calvary Tabernacle is led by Pastor and Mrs. Barrington F. Goldson, the original founders. Many attendees savored the beauty of the evening as they enjoyed the complimentary skating session on the RXR Plaza ice rink. A night to remember!
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RXR Plaza Ice Skating Rink is Open!
12/4/2009
We are pleased to announce that the RXR Plaza Ice Skating Rink is now open for the 2009/2010 season. Located at RXR Plaza, across from Nassau Coliseum, this beautifully decorated, seasonal rink provides the perfect setting for outdoor skating for families and small groups, as well as couples seeking a great outdoor activity.
While at the rink, you may rent skates, enjoy a variety of snacks and refreshments within the warmth of the rinkside ice house, and view Long Island’s Favorite Tree, a beautiful 66 foot tall Norwegian Spruce . You may also want to tour the fabulous Winter Garden inside RXR Plaza which also plays host to local musical talent and Santa sightings throughout the holiday season.
RXR Plaza is accessible from the Meadowbrook Parkway - Hempstead Turnpike West exit . There is plenty of free parking. Follow the links below to view the Holiday Happenings and Ice Rink Schedules and plan your visit today!
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The Ritz-Carlton Residences, Inner Harbor, Baltimore Closes on $12.6 Million Residence
11/19/2009
- One of The Largest Residential Transactions in Baltimore City’s History –
BALTIMORE, MD – (November 18, 2009) – Baltimore’s premier 5-star residence, The Ritz-Carlton Residences, Inner Harbor, Baltimore today closed on one of the largest condominium transactions in Baltimore City’s history. The 11,959 square-foot penthouse residence sold for a record $12.6 million.
“This is a magnificent residence,” stated Mr. Joseph Graziose, Senior Vice President for RXR Realty, developer of The Ritz-Carlton Residences, Inner Harbor, Baltimore. “The highest level of quality construction, interior design and architecture has created a residence of incomparable distinction and character. We look forward to welcoming its full time residents to the community.”
“The completion and closure of this exceptional home is a clear indication of our success in the Baltimore market and that the real estate industry is showing true signs of recovery,” said Scott Rechler, CEO and Chairman of RXR Realty. “This sale is not only a milestone for Baltimore, but the real estate industry nationally. The Ritz-Carlton Residences, Inner Harbor, Baltimore has achieved a level of success that residential projects across the country will notice.”
The Ritz-Carlton Residences, Inner Harbor, Baltimore officially opened in May 2008 and features 190 exclusive residences with more than 50 uniquely designed floorplans. Managed and operated by the world-famous Ritz-Carlton Hotel Company, the property is located on a 5.2-acre parcel of land along Baltimore’s famed and historic Inner Harbor area.
The property offers both magnificent water and downtown skyline views. The exceptional list of amenities include: a full-service fitness center; an indoor swimming pool; a full-service spa; rooms for social activities; a 22-slip marina; an exclusive movie theater for private screenings; and concierge and valet services.
About The Ritz-Carlton Residences, Inner Harbor, Baltimore: The Ritz-Carlton Residences, Inner Harbor, Baltimore, located at 801 Key Highway, features magnificent water and downtown skyline views. Managed by the world-famous Ritz-Carlton Hotel Co., the 191 exclusive condominiums feature the legendary services of the world-renowned five-star hotel company. Available condominiums range in price from upper $600,000 to over $5 million. For more information or to schedule an appointment, please call 410-727-4417 or visit www.rcr-baltimore.com
About RXR Realty ("RXR"): is a vertically integrated private real estate company with expertise in investment management, development, design, construction, leasing, financing and asset management.
RXR's core growth strategy is focused on the markets surrounding New York City. The Company is one of the largest owners, managers, and developers in the New York Tri-State Area with interests in approximately $2.8 billion in assets, comprised of 70 properties containing approximately 11.2 million square feet, and an extensive development pipeline. For more information on RXR, please visit the company's web site at www.rxrrealty.com
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RXR Glen Isle Partners Honored by New York League of Conservation Voters for Glen Cove Waterfront Redevelopment
10/6/2009
In recognition of their innovative efforts to enhance Glen Cove’s economy and the environment, RXR Glen Isle Partners was honored by the New York League of Conservation Voters (NYLCV) for the redevelopment of the city’s waterfront at the League’s “Champions for a Greener Nassau” reception held at the Oak Room at Bethpage Black.
“Across the country, our suburban communities are being challenged – they must find new ways to remain economically vibrant while protecting the environment,” said Brian Muellers, chair of the New York League of Conservation Voters’ Long Island Chapter. “Glen Cove has become a national model for communities seeking intelligent growth, and we applaud RXR Glen Isle Partners for their commitment to responsible development.”
View Full Press Release
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Giralda Wine Tasting Benefits The New Philharmonic of NJ
9/9/2009
As reported by the Madison Eagle
MADISON - Wine lovers and arts patrons will come together for a wine tasting benefit for the New Philharmonic of New Jersey at 5:30 p.m. Thursday, Sept. 17, at 1 Giralda Farms on the park-like grounds of the Giralda Farms office campus off Madison Avenue in Madison.
The event offers a rare opportunity for participants to sample the heralded wines of the Mediterranean,including vineyards from France, Italy and Spain, all carefully selected by Gary’s Wine and Marketplace of Main Street in Madison.In addition to a wide variety of white and red wines, there will be cheeses and other foods from a region known for its “joie de vivre.”
The classical group Moonlight Duo will provide entertainment at the benefit, which will run from 5:30 to 8 p.m. All proceeds will benefit the New Philharmonic of New Jersey, one of New Jersey’s top professional orchestras. The New Philharmonic will present its season in Dolan Hall on the campus of the College of St. Elizabeth, 2 Convent Road off Madison Avenue in the Convent Station section of Morris Township, with opening night Sunday, Oct. 18.
The benefit is sponsored in part by Gary’s Wine and Marketplace and by RXR Realty, the real estate company with offices nearby in Millburn Township. The firm’s president, Todd Rechler, is committed to the support of arts and cultural programs in Madison and the surrounding area and was recently honored by the New Jersey Jazz Society for his support for arts organizations and other local charities.
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Glen Cove Waterfront Redevelopment Designated Project of Regional Significance by the Long Island Regional Planning Council
9/4/2009
RXR Glen Isle Partners’ planned waterfront revitalization project in Glen Cove, NY, has been designated as a Project of Regional Significance by the Long Island Regional Planning Council (LIRPC). Michael White, Executive Director of LIRPC noted “The regional significance of the RXR Glen Isle waterfront redevelopment is defined by its elements of smart economic growth and sustainability—the result of environmental clean up and public and private investment to provide jobs, housing options, a revitalized waterfront and enhancement to the vibrancy of the City of Glen Cove”. The designation underscores the leadership role of the City of Glen Cove, and its Mayor, Ralph Suozzi, in redeveloping the downtown adjacent waterfront.
View Full Press Release
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Ritz-Carlton Residences, North Hills Sponsors Healthcare Event
9/3/2009
A group of Manhasset design stores are collaborating on a fundraising event to spark interest in design.
On Oct. 1, attendees can enjoy design as they dine at the first Dining Through Design fundraiser to benefit the Katz Women’s Hospital, in association with the Women’s Health Institute of the North Shore-LIJ Health System and it’s Every Woman Matters campaign.
From 6 to 9 p.m., visitors can mix a progressive dinner with lush interiors at The Ritz-Carlton Residencies office, Roche-Bobois and Artistic Tile, all just off the Miracle Mile in Manhasset.
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RXR Announces Otsuka America Pharmaceutical, Inc. As The First Tenant at Premier University Square Class-A Office Building in Princeton, N.J.
7/22/2009
- Global Pharmaceutical Company Signs 67,531 SF Long-Term Lease Agreement, Consolidating and Expanding its East Coast Operations -
SHORT HILLS, NJ (JULY 22, 2009) – RXR Realty LLC (“RXR”), the leading real estate operating company in the New York Tri-State region, has announced that Otsuka America Pharmaceutical, Inc., a global manufacturer, seller, importer/exporter of pharmaceuticals, clinical testing and medical equipment, food products and cosmetics, has signed a 67,531-square-foot long-term lease at University Square, its newly completed 313,000-square-foot premier Class-A office building located in the Princeton submarket.
View Full Press Release
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NJ Gov Corzine Cuts Ribbon at 7 Giralda Farms for Bausch & Lomb
7/21/2009
The opening of Bausch & Lomb's global pharmaceutical division headquarters in the borough boosts New Jersey's reputation as "the medicine chest of America," Gov. Jon S. Corzine said at a ribbon-cutting ceremony Monday.
Corzine helped Bausch & Lomb CEO Gerald M. Ostrov cut the ribbon to officially open the eye health company's pharmaceutical division headquarters in the Giralda Farms office complex.
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New York Giant Justin Tuck Hosts Celebrity Billiards Tournament for Charity
7/13/2009
On Monday, July 13, 2009, New York Giants and Super Bowl Champion defensive end Justin Tuck (pictured with RXR CEO Scott Rechler) hosted Tuck's Celebrity Billiards Tournament Presented by The Ritz-Carlton Residences, North Hills. This event was a star-studded extravaganza with athletes and entertainment celebrities including Vivica A. Fox, Kelly Rowland, NY Giants Sinorice Moss and Hakeem Nicks, and other VIPs registered in a highly competitive pool tournament, all to raise money for Justin Tuck's charity. The action took place at Slate NYC, one of the Big Apple's premier billiards clubs. The Master of Ceremonies for the evening was Law and Order star and comedian Anthony Anderson.
With gracious support from title sponsor The Ritz-Carlton Residences, North Hills and premium sponsor SUBWAY® restaurants, Tuck's Celebrity Billiards hosted 32 teams of two competing in a "win or go home" format until the final "best of three" round. The winning team received not only tournament bragging rights, but also a Grand Prize Package that includes a four night stay at the Ritz-Carlton, Bachelor Gulch in Colorado and the Ritz-Carltons in Palm Beach and South Beach. The Billiards Congress of America was on hand to oversee each match and Jeannette "The Black Widow" Lee, world renowned billiards champion, was also in attendance to offer her expertise to the tournament players and guests.
The funds raised by Tuck's Celebrity Billiards 2009 will benefit Tuck's R.U.S.H. for Literacy. Tuck's R.U.S.H. for Literacy is a charitable initiative that Justin and wife Lauran founded in 2008. The mission is to encourage children to READ, UNDERSTAND, SUCCEED and HOPE and embrace literacy throughout their lives.
Through their efforts, Tuck's R.U.S.H. for Literacy strives to educate and empower children in New York and Central Alabama by providing them with new, age-appropriate books and reading materials.
Last year, Tuck's R.U.S.H. for Literacy held its first "Sack Challenge," where supporters donated $1000 for every sack that Tuck made during the 2008 NFL season. As a result of Tuck's extraordinary play, the organization raised $100,000. The success of the Sack Challenge prompted him to host a Billiards Tournament.
"Tuck's R.U.S.H. for Literacy is my passion, and I'm inspired to keep finding ways to champion this cause," said Tuck. "A fun, competitive summer event will be the perfect atmosphere for our supporters to have a great time, while raising money for our charity."
The inaugural Tuck's Celebrity Billiards was produced by top marketing and event production company The Sandbox Inc., who has been creating signature celebrity pool tournaments since 2003. Over the last six years, their tournaments have attracted superstar participants including, Michael Jordan, Earvin "Magic" Johnson, Alonzo Mourning, Shaquille O'Neal, Julius Erving, Denzel Washington, Jay-Z, Tony Parker and Eva Longoria Parker, Alicia Keys, Sean "Diddy" Combs, Ludacris, Reggie Bush, Kim Kardashian and many more.
About Justin Tuck and Tuck's R.U.S.H. for Literacy
This program aspires to encourage children to READ, UNDERSTAND, SUCCEED, and HOPE as they continue to nurture literacy in their lives. Founded by Justin and Lauran Tuck, this initiative is committed to raising funds to donate books and other reading materials to enrich youth in the New York and Central Alabama communities. Justin Tuck is an NFL Pro Bowl and All-Pro defensive end who was drafted by the New York Giants in 2005. He recorded a career best 12 sacks last season and his dominant play in Super Bowl XLII helped lead the Giants to victory against the New England Patriots. For more information, please visit www.justintuck.com.
About Ritz-Carlton Residences, North Hills
The Ritz-Carlton Residences, North Hills, situated on Long Island's famed Gold Coast, 20 miles from Manhattan, offer the exclusivity and privacy of a luxurious gated community with the only five-star lifestyle on the North Shore. Managed by the world-famous Ritz-Carlton Hotel Company, the sprawling residences feature the legendary services of the world-renowned hotel company coupled with an expansive Clubhouse with private spa and fitness center, wine tasting lounge, club room, private events room, theater, card rooms, business center, and indoor and outdoor swimming pool. The 244 condominiums range in price from $1.5 million to over $4 million. For more information, please call (516) 486-6100 or visit www.theresidencesnorthhills.com.
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Todd Rechler Honored by New Jersey Jazz Society
7/2/2009
The “sanofi-aventis Jazzfest,” now in its 32nd year, stands as the New Jersey region’s longest running summer jazz festival. This year, the weekend jazz fest, sponsored by RXR Realty and hosted by the New Jersey Jazz Society, honored Todd Rechler (pictured, right), President of RXR’s New Jersey Division and RXR Construction & Development. Jeannie Tsukamoto (left), president of the Madison Borough Council, and Don Jay Smith (center), of the New Jersey Jazz Society, presented Mr. Rechler with an award recognizing his appreciation for the arts and generous support for the festival over the past several years. Mr. Rechler, who is a Mendham resident, has been active in many charitable endeavors in Northern New Jersey and is a major supporter of Jazzfest, as it brings an enduring cultural awareness to Madison and the surrounding region.
This year the event was held at Drew University and featured great jazz musicians such as Curtis Stigers, who was dubbed “the best male jazz singer of his generation” by JazzTimes, and The Houston Person Quartet, who’s leading saxophone player, Houston Person, is best known for his soulful performances and his longtime association with singer Etta Jones. The quality of this year’s performance drew a vast crowd of music lovers of all ages, making the event a huge success.
For more information about the New Jersey Jazz Society go to:
njjs.org
For more information about the “sanofi-aventis Jazzfest” go to:
njjs.org/jazzfest
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The Long Island Marathon...A Great Race! A Great Success!
5/4/2009
As an active supporter of the communities in which it operates, RXR continues to carry on its corporate tradition as the primary sponsor of the Long Island Marathon, one of the most popular marathons in the country. Completing its 37th year, always held on the first Sunday in May, the Long Island Marathon continues to draw a larger group of participants every year. This year, the number of runners climbed to over 7,000 – a testimony to the race’s growing recognition and wide-spread appeal. Since 2005, RXR has been the title sponsor and the Company is committed to maintaining its role into the future. This year, RXR’s partner, TIAA-CREF, also proudly joined the roster to demonstrate its support for the race. The Long Island Marathon is the premier competitive running event on Long Island- with more opportunities to participate than ever before!
The event has evolved into a family weekend – one that is packed full of excitement, energy and healthy fun for everyone. Fitness choices abound offering the full and half marathon to the 10K, the 5K, a 1-Mile Run and even a course for the little ones - the Kidz Fun Run.
Marathon weekend features culture and fitness side by side. As the race course leads through Museum Row, home of the Children’s Museum, the Cradle of Aviation and the Nassau County Firefighters Museum, the museums decided to join together and offer free admission for two days to all runners.
For information about all the races, visit www.thelimarathon.com
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The Ritz-Carlton Residences, Inner Harbor, Baltimore Named “Outstanding Residential Real Estate Project of the Year” by Baltimore Business Journal
4/2/2009
BALTIMORE, MARYLAND – The Baltimore Business Journal has named The Ritz-Carlton Residences, Inner Harbor, Baltimore as the Top Residential Real Estate Community of the Year at its recent Heavy Hitters of Baltimore event. The event brought together real estate developers and professionals from throughout the Baltimore area to celebrate their accomplishments of 2008.
Heavy Hitters of Baltimore featured eight categories ranging from outstanding commercial development to land/building sale. The Ritz-Carlton Residences was awarded the top ranking in the largest and most competitive category of the evening, the Most Outstanding Residential Development of 2008.
“What a wonderful honor by the local media for this incredible project,” stated Gabe Pasquale, Senior Vice President of Marketing and Sales for RXR Realty, the developers of The Ritz-Carlton Residences. “The Ritz-Carlton Residences, Inner Harbor, Baltimore surpasses all expectations of luxury, style, quality, and service. This groundbreaking community brings the incomparable standards of The Ritz-Carlton Hotel Company to residential homes. We could not be more pleased with the end result.”
The Ritz-Carlton Residences, Inner Harbor, Baltimore officially opened in May 2008 and features 192 exclusive condominiums with over 50 uniquely designed floor plans. Managed and operated by the world-famous Ritz-Carlton Hotel Company, these new homes are located on a 5.6-acre parcel of land along Baltimore’s famed and historic Inner Harbor area. The property offers both magnificent water and downtown skyline views. The exceptional list of amenities and on-site services include: a full-service fitness center; a temperature-controlled swimming pool; a five-star restaurant, a full-service spa, rooms for social activities; a 22-slip marina; an exclusive movie theater for private screenings; and concierge, valet and car detailing services. The Ritz-Carlton Residences offers a five-star lifestyle that is unmatched anywhere on the Inner Harbor.
About The Ritz-Carlton Residences, Inner Harbor, Baltimore: The Ritz-Carlton Residences, Inner Harbor, Baltimore, located at 801 Key Highway, features magnificent water and downtown skyline views. Managed by the world-famous Ritz-Carlton Hotel Co., the 192 exclusive condominiums feature the legendary services of the world-renowned five-star hotel company. Available condominiums range in price from approximately $600,000 to over $5 million. The Ritz-Carlton Residences began delivering new homes in July 2008. For more information, please call 410-727-4417 or visit www.harborluxury.com.
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2009 RXR/TIAA-CREF Long Island Marathon
3/20/2009
RXR/TIAA-CREF 2009 Long Island Marathon
Now in its 37th year, the Long Island Marathon returns as the premier competitive running event on Long Island and with more opportunities to participate than ever before!
The "Earth Day" marathon started out in the 1970's with a 26.2 mile run. Later renamed the "Long Island Marathon, the event continued into the 1980's and the Half Marathon was added in 1984. Since then, the Long Island Marathon and Half Marathon have continued to thrive and evolve into the "RXR Long Island Marathon: Festival of Races," which features a Marathon, Half Marathon, 10K Race, 5K Race, Kids Fun Run and an all new for 2009, 1-Mile Run. With thousands of participants, the Long Island Marathon has evolved into a family weekend- one that is packed full of excitement, energy and healthy fun for everyone! Now, race day offers up fitness choices for everyone- courses for the little ones as well as beginning and intermediate runners… and of course, the serious challenge for the hearty marathoners.
Traditionally, the Long Island Marathon has taken place on the first Sunday in May as it will again, this year, on Sunday, May 3, 2009, along with the Half Marathon and 10K Race. The other three major events, the 5K Race, 1-Mile Run and KidzFunRun will take place on Saturday, May 2, 2009.
The Kidz Fun Run is open to children ages 1-16 and takes place on the Mitchel Field Athletic Complex Track. The race feature s various age groups and skill levels as well as activities for small children such as race-number coloring.
Museum Family Fest
Marathon weekend will also feature culture along side fitness at the Museum Row Family Festival. As the race course runs along Charles Lindbergh Boulevard, highlighted by Nassau County’s Museum Row, all three museums, Long Island Children’s Museum, Cradle of Aviation, and Nassau County’s Firefighters Museum, will join in the festivities by offering free admission for two days to all runners.
Times and locations for each event are as follows:
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| Event |
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Start Time |
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Start Location |
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Finish Location |
| 5K Race |
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8:00 AM |
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Charles Lindbergh Blvd |
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Mitchel Athletic Complex |
| 1- Mile Run |
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8:00 AM |
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Charles Lindbergh Blvd |
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Mitchel Athletic Complex |
| KidzFunRun |
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1:30 PM |
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Mitchel Athletic Complex |
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Mitchel Athletic Complex |
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| Marathon |
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8:00 AM |
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Charles Lindbergh Blvd |
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Eisenhower Park |
| Half Marathon |
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8:00 AM |
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Charles Lindbergh Blvd |
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Eisenhower Park |
| 10K Race |
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8:00 AM |
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Charles Lindbergh Blvd |
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Eisenhower Park |
Race Weekend has surely evolved into a fun fulled weekend with something for everyone. For further information, go to www.thelimarathon.com
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RXR Concludes Strong Leasing Performance in New Jersey in 2008
3/16/2009
In excess of 325,000 square feet of leasing transactions closed by RXR reflects Company’s position as quality leader in the marketplace
SHORT HILLS, NJ (MAR 16, 2009) – RXR Realty LLC (“RXR”) the leading real estate operating company in the New York, tri-state region, has reported a strong year of leasing performance in 2008 throughout its New Jersey portfolio. The Company has announced that leases and renewals for the year exceeded 325,000-square-feet throughout its northern New Jersey holdings. This robust leasing activity in a challenging marketplace reflects RXR’s market position as one of the leading office landlords in the New York Metropolitan area.
“In all market cycles, RXR remains focused on tenant satisfaction throughout all of our Class-A properties,” said Todd Rechler, President RXR New Jersey. “RXR’s significant rate of tenant retention and strong leasing activity within our growing portfolio in 2008 is a testament to tenants’ flight to quality and strength of ownership during these volatile economic times.”
View Entire Press Release
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RXR Reports 538,932 SF in Leasing Transactions Across Its Long Island Office Portfolio in 2008
2/19/2009
Uniondale, NY – February 19, 2009 – RXR Realty (“RXR”), the leading real estate operating company in the New York Tri-State region, recently announced its 2008 Broker of the Year Awards as the Company recorded 538,932 square feet in new or renewed leases across its prestigious Long Island portfolio of office properties. The RXR 2008 Broker of the Year award recipient was Cushman & Wakefield's Ted Stratigos for the 34,977 square foot lease with Forchelli, Curto, Crowe, Deegan, Schwartz, Mineo & Chon, LLP as RXR's trophy Omni in Mitchel Field. The RXR 2008 Deal of the Year recipient was Rich Caputi, of Cresa Partners, for the Lend America transaction for 68,617 square feet at 520 Broadhollow Road in Melville. The nearly 540,000 square feet, in 56 transactions completed with some of Long Island’s most noteworthy businesses, reflect RXR’s steadfast commitment to providing its tenants with recognizable value, superior service and gracious amenities, validating RXR’s market position as the metropolitan area’s leading commercial landlord.
View Entire Press Release
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The Ritz-Carlton Residences, Inner Harbor, Baltimore Receives Top National Honors
1/21/2009
- National Association of Home Builders Awards Two Gold Honors to Urban-luxury Baltimore Community –
LAS VEGAS, NEVADA – The National Association of Home Builders (NAHB), the top national trade association dedicated to being “the voice of America’s housing industry,” has awarded two gold awards to The Ritz-Carlton Residences, Inner Harbor, Baltimore; “Best Design for an Attached Community” and “Best Landscape Design for an Attached Community.” The awards were given in Las Vegas during the NAHB’s Annual Convention and Exposition, known as the International Builders’ Show, the largest show of its kind for the residential and light commercial construction industry. Accepting the award on behalf of the community was Gabe Pasquale, Senior Vice President of Marketing and Sales for RXR Realty, the developers of The Ritz-Carlton Residences, Inner Harbor, Baltimore.
Several high-profile projects of national significance were in competition with The Ritz-Carlton Residences, Inner Harbor, Baltimore for these two honors. The first award, “Best Design for an Attached Community,” is awarded to the development project that exemplifies outstanding overall architecture both inside and out based upon design appeal, function and creative use of interior space. The second award, “Best Landscape Design for an Attached Community,” is given to the development that best demonstrates outstanding land effectiveness based upon it overall impact and function in enhancing the project. The honor made special note of The Ritz-Carlton Residences’ incomparable park-like setting along Baltimore’s spectacular waterfront.
“The Ritz-Carlton Residences, Inner Harbor, Baltimore is the epitome of luxury and quality,” said Mr. Pasquale. “RXR Realty has supervised every detail to exceed the standards set forth by The Ritz-Carlton Hotel Company. The result is an outstanding residential community, recognized by an independent panel of professionals, who have confirmed what we already knew…The Ritz-Carlton Residences, Inner Harbor, Baltimore is the best of the best.”
The Ritz-Carlton Residences, Inner Harbor, Baltimore officially opened in May 2008 and features 192 exclusive condominiums with more than 50 different floorplans. Managed and operated by the world-famous Ritz-Carlton Hotel Company, the property is located on a 5.2 acre parcel of land along Baltimore’s famed and historic Inner Harbor area. The property offers both magnificent water and downtown skyline views. The exceptional list of amenities include: a full-service fitness center; a temperature-controlled swimming pool; a five-star restaurant, a full-service spa, rooms for social activities; a 22-slip marina; an exclusive movie theater for private screenings; and concierge, valet and car detailing services.
Founded in 1942, NAHB is a federation of more than 800 state and local associations. About one-third of NAHB’s more than 200,000 members are homebuilders and/or remodelers. The remaining members are associates working in closely related fields within the housing industry, such as mortgage finance and building products and services.
About The Ritz-Carlton Residences, Inner Harbor, Baltimore: The Ritz-Carlton Residences, Inner Harbor, Baltimore, located at 801 Key Highway, features magnificent water and downtown skyline views. Managed by the world-famous Ritz-Carlton Hotel Co., the 192 exclusive condominiums feature the legendary services of the world-renowned five-star hotel company. Available condominiums range in price from approximately $600,000 to over $5 million. Condominium delivery began in July 2008. For more information, please call 410-727-4417 or visit www.harborluxury.com.
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RXR CEO Scott Rechler panelist at Hofstra's Zarb Business School Conference on National Economic Crisis
11/25/2008
Analyzing the Implications of the recent government bailout on the financial landscape
Hofstra University, Hempstead, NY –Financial experts will assess the recent economic crisis and the implications of the Emergency Economic Stabilization Act of 2008 during a conference hosted by the Frank G. Zarb School of Business through its Merrill Lynch Center for the Study of International Financial Services and Markets on Tuesday, November 25, 2008 from 1:30 to 5:30 p.m. in the Hofstra University Club, David S. Mack Hall, North Campus.
In an effort to restore economic well-being to Americans, Congress passed the Emergency Economic Stabilization Act of 2008. This legislation gives the treasury secretary the authority to help restore the stability of the U.S. financial system using $700 billion in U.S. funds to purchase loans, distressed mortgages and mortgage-backed securities from financial institutions.
The conference will offer an overview of the financial crisis and an in-depth analysis of the need for a new unified framework to regulate financial enterprises, modernize financial regulation, restructuring the financial system and modify market value accounting. The first panel will begin at 1:30 p.m. followed by a keynote address from Lewis S. Ranieri, widely considered the father of mortgage-backed securities, then a second panel discussion and a reception.
"The Zarb School focuses on academic knowledge as well as practical application. This conference will focus on the most significant economic challenge of our lifetime. It will be a valuable learning tool for students who are interested in how the financial bailout will affect them personally today and professionally in their not-so-distant future," said Zarb School of Business Dean Salvatore F. Sodano.
First Panel Topic: Causes of the Financial Crisis and Bailout
Panelists include distinguished members of the financial and regulatory communities:
Richard Ketchum, chief executive officer, New York Stock Exchange Regulation
Richard Neiman, superintendent of banks, New York State Banking Department
Allan Mendelowitz, director, Federal Housing Finance Board
Keynote Address:
Lewis S. Ranieri, chairman, Ranieri Partners Management; former vice chairman of Salomon Brothers; former chairman of CA; and a member of Hofstra's Board of Trustees.
Second Panel Topic: Impact of the Bailout on Financial Institutions and Markets
Panelists include distinguished members of the academic, business and legal communities:
Edward Altman, Max L. Heine professor of finance, New York University
Scott Rechler, chief executive officer, RXR
Daniel Rossner, partner, Sidley Austin LLP
This event is free and open to the public. For additional information please call the Merrill Lynch Center at (516) 463-6216 or visit www.hofstra.edu/mlc.
The Frank G. Zarb School of Business at Hofstra University believes that the best business education provides students with a sound knowledge of their field combined with a broad, well-rounded program of study guided by an experienced faculty committed to excellence.
The Merrill Lynch Center aims to disseminate information and facilitate student and faculty study in the field of international financial services and markets using an interdisciplinary approach to the interaction of academics and professionals.
Hofstra University is a dynamic private institution where students can choose from more than 140 undergraduate and 155 graduate programs in liberal arts and sciences, business, communication, education and allied human services, and honors studies, as well as a School of Law. With a student-faculty ratio of 14-to-1, our professors teach small classes averaging 22 students that emphasize interaction, critical thinking and analysis. Hofstra offers a faculty whose highest priority is teaching excellence. The University also provides excellent facilities with state-of-the-art technology, extensive library resources and internship programs that match students’ interests and abilities with appropriate companies and organizations. The Hofstra community is driven, dynamic and energetic, helping students find and focus their strengths to prepare them for a successful future.
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RXR Partners with TIAA-CREF to Help the Environment
10/17/2008
Across the Company’s prime portfolio, TIAA-CREF and RXR are doing our part to save energy and help fight global warming. With the help of our tenants, we can do even more.
Our goal is to ask each of the employees at the companies across our prime properties to replace at least one incandescent light bulb at home with a compact fluorescent light (CFL) that's earned the ENERGY STAR® label for excellence in energy efficiency. By reaching this goal, we will be making a significant positive impact on our environment, saving kilowatt hours of electricity and preventing metric tons of greenhouse gas emissions.
To turn this goal into a reality, TIAA-CREF, RXR’s investment partner, is providing one free CFL to everyone within RXR’s prime portfolio.
Every ENERGY STAR qualified light bulb uses 75% less energy than a standard bulb and lasts up 10 times longer. The distribution program will launch at the end of October 2008.
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Ashanti to Headline Annual Tree Lighting Show at RXR Plaza
10/3/2008
RXR/RXR Realty Presents...
Long Island's Favorite Tree-Lighting at RXR Plaza
Saturday, Dec. 6th, 5:30 pm
RXR Realty is pleased to announce that Grammy Award winning artist Ashanti will be headlining the 2008 Tree Lighting and Ice Spectacular at RXR Plaza. A Long Island native herself, Ashanti will be joined by a plethora of other talented performers from Long Island including Nationally Ranked Pairs Skaters Chloé Katz and Joseph Lynch as well as a multitude of up and coming Long Island skating junior champion skaters. Other performers will include Snook from the Emmy-award winning PBS series "Big, Big World" and the New York Islanders' Ice Girls and Sparky the Dragon.
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Announcing the Grand Opening of The Ritz-Carlton Residences, North Hills
9/29/2008
Redefining 5 –Star, Luxury Living on Long Island’s North Shore
From its prime suburban location on Long Island’s Gold Coast, less than twenty miles from Manhattan, to its lavishly appointed residences and cultured lifestyle, The Ritz-Carlton Residences, North Hills, redefines the luxury lifestyle on Long Island’s North Shore. More than 300 prominent New Yorkers joined in celebrating the official opening of the property’s Presentation Center in Manhasset, where prospective residents can view a luxurious Ralph Lauren- designed model residence.
The Ritz-Carlton Residences, North Hills, artfully incorporate RXR’s peerless capabilities in site selection, community planning and construction management with the famed reputation for flawless hospitality that distinguishes The Ritz-Carlton Hotel Company, LLC. This melding of talents will result in a breathtaking new enclave of luxury, privacy, security and serenity for those with the strongest appreciation for perfection.
The Ritz-Carlton Residences, North Hills, blends French neoclassical style with the latest in technology, creating an atmosphere of 21st Century gentility. Each private lobby features rich wood paneled walls, authentic imported European marble flooring and finely crafted furnishings that are impressive in both design and execution. Elevators open to corridors with a grand foyer embellished by towering 12’ ceilings and masterful woodwork. Private residences are even more elaborately appointed, from the plush carpeting of the master suite, to an expansive wardrobe closet, and an expertly appointed kitchen with finely crafted cabinetry. Walled gardens will be beautifully landscaped, while a fireplace in the living room warms away the cares of the day.
The Legendary five-star services that are synonymous with The Ritz-Carlton are provided by the hand-selected and rigorously trained Ritz-Carlton staff, who will administer the myriad amenities available at this new-resort-at home community, such as valet parking and concierge service. A magnificent 40,000 square foot clubhouse will serve as an onsite retreat with a lounge, game and billiards room, ladies and gentlemen’s card rooms, meeting rooms, a board room and a state-of-the-art screening room. The fully equipped health club will provide a world-class spa experience, aerobics studio, steam and sauna rooms, spa treatment rooms, ladies and gentlemen locker rooms and an indoor and outdoor infinity pool.
The Ritz-Carlton Residences are also secured by the latest in protection systems. The most sophisticated detection and surveillance technologies are strategically located and professionally monitored to ensure all homeowners of optimal protection, while also affording maximum privacy.
A leader in development and redevelopment, RXR’s focus on maintaining strong community relationships is supported by its commitment that each of its projects should advance the quality of life for its residents. The Company’s ability to understand and meet the needs of a specific market is ideally balanced with a dedication to environmental responsibility. As an industry leader, RXR is poised to maintain and strengthen its role, contributing to the enhancement of the communities in which it operates.
(Pictured from left: Dennis Sgambati, North Hills Deputy Mayor; Scott Rechler, Chariman & CEO RXR Realty; Marvin Natiss, North Hills Mayor)
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Cisco NOW Van to visit RXR Plaza
9/16/2008
We are pleased to announce the arrival of the Cisco NOW Van – with New Unified Communications and Security Systems. The Van will be at the RXR Plaza on Tuesday, September 23, 2008 from 10am to 4pm at the front circle.
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Redevelopment of Glen Cove’s Waterfront Reaches Significant Milestone
9/10/2008
September 10, 2008– Glen Cove, NY - At a joint meeting of the Glen Cove Industrial Development Agency (IDA) and Community Development Agency (CDA) last evening, the agencies unanimously approved a revised vision for the redevelopment of Glen Cove's underutilized waterfront. The approved Conceptual Site Plan was prepared by RXR-Glen Isle Partners, LLC, a joint venture between RXR Realty, Long Island’s largest real estate developer, owner, and operator led by Scott Rechler, and Glen Isle Partners, LLC, the originally designated redeveloper for the property led by Donald Monti and Michael Posillico. The plan calls for a active mixed use development combining residential, commercial, retail, cultural, recreational and entertainment uses, new marinas, and a luxury hotel along the north side of Glen Cove Creek linked by a continuous public esplanade of parks and walks. The approval marks the beginning of the public review process under the State Environmental Quality Review Act (SEQRA).
View Entire Press Release
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Please Join Us for Jazz on the Plaza...
8/11/2008
Spyro Gyra
Wednesday, September 10th
RXR Plaza
4:30 pm
On Wednesday, September 10th, RXR Realty will host the legendary jazz greats, Spyro Gyra for a concert on the plaza at RXR Plaza in Uniondale. Admission is free, and the rink-side cafe will be open for food and beverage purchase.
Rain Date: September 10th
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Robust Leasing Activity in Westchester, Connecticut, and New Jersey
8/1/2008
Westchester office portfolio records approximately 67,000 SF of leasing transactions
White Plains, NY – July 29, 2008 – RXR Realty LLC (“RXR”), the leading real estate operating company in the New York Tri-State region, finished the first half of 2008 with a brisk second quarter. RXR recorded approximately 67,000 square feet in leasing activity with new and existing tenants across its Westchester and Connecticut Class A portfolio, including the recently repositioned 1.4 million square-foot, 14-building Platinum Mile, the five building Tarrytown Corporate Center and the 227,966 square-foot High Ridge Road property in Stamford, Connecticut.
View Entire Press Release
164,442 Square Feet signed in 2Q Transactions
SHORT HILLS, N.J., JULY 22, 2008 – RXR Realty LLC’s (“RXR”) completed the second quarter of 2008 with another period of strong leasing activity with new leases and renewals across the Company’s New Jersey portfolio of trophy properties.
View Entire Press Release
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RXR Brings the Next Generation of Corporate Office Amenities to Princeton Route One Corridor
7/9/2008
SHORT HILLS, N.J., JULY 9, 2008 -- RXR Realty LLC’s (“RXR”), the developer of choice in the Class-A office market has built a reputation for exceeding the needs of its sophisticated tenants with an unusual ability to forecast trends and respond accordingly. In Princeton, RXR has taken amenities one step further with an offering that will set a new standard for the workday experience.
RXR’s most recent development, the newly completed five-story 313,000-square-foot University Square in Princeton, has a five-star amenity package with a caveat for the supporters of the timely green movement. Addressing the concerns of the next generation tenant, RXR has included an incentive for those with hybrid vehicles – a reserved parking space, within steps of the lobby entry.
View Entire Press Release
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RXR Announces Hybrid Parking Incentive for Tenants
6/17/2008
LI’s premier owner/developer offers reserved parking for “hybrids only” as a reward for conserving energy
RXR implements green initiative with incentive parking program
The most prized possession of any Long Island office complex, reserved parking adjacent to the front entrance, will be going green at all RXR office buildings throughout the region.
Scott Rechler, Chairman and CEO of RXR, has announced that hybrid automobiles will be getting preferential treatment as part of the Company’s Green Initiative that seeks to reduce its carbon footprint through a broad spectrum of conservation technologies, policies and innovations.
(Pictured: Ken Bauer, RXR; Walt Smith, RXR; Steve Israel, Congressman)
View Entire Press Release
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RXR Proudly Sponsors…Giralda Lawn Concert
6/12/2008
On Sunday, June 29th, the Arts Council of the Morris Area presents its milestone 25th Anniversary Giralda Lawn Concert on the rolling lawns of the Giralda Farms Corporate Park in Madison (the former estate of Geraldine Rockefeller Dodge), Dodge Drive/Rt. 124 (Madison Ave.) in Madison, NJ. Although much time has elapsed and much has changed in the world, the Giralda Lawn Concert remains an enduring classic. Giralda offers families and friends a respite from the concerns and distractions of the day - the opportunity to hear a topflight orchestra performing inspiring music live in a beautiful outdoor setting - and at the same time, supporting the valuable work of the Arts Council of the Morris Area.
With a strong history of the leadership in cultural endeavors, RXR joins the list of the Giralda Lawn Concert supporters. As Todd Rechler, President of RXR’s NJ Division observes, "We are proud to sponsor this special cultural event that combines picnic grounds informality, a beautiful setting, and a first-class orchestra. As we celebrate the 25th consecutive year of the event, we are pleased that Giralda Farms, has become the place to be on the last Sunday in June for so many people."
At this special milestone event, the Arts Council will present the New Jersey Symphony Orchestra, with Jeffrey Grogan conducting a stirring program of 'Americana' favorites - from classical, patriotic and Broadway repertoire. Selections include Gould's American Salute, Dragon's America the Beautiful, Lowden's Armed Forces Salute; Anderson's Home Stretch and Bugler's Holiday; Copland's Down a County Lane and Outdoor Overture and Sousa's The Thunderer March. After intermission, the program continues with Gershwin's George Gershwin in Concert and Embraceable You; Rodgers' Richard Rodgers Waltzes; Arlen's Over the Rainbow; and Herbert's American Fantasia.
The Arts Council of the Morris Area provides cultural enrichment across the community with an
extraordinary array of artistic outreach venues from educational programs, recognition of artistic accomplishments and strategic community collaborations and partnerships.
RXR owns several trophy office properties within the premier Giralda Farms Corporate Park and is currently planning the development of Four and Six Giralda Farms, a 448,000 square foot Class A property.
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It's Happening At RXR...
5/23/2008
Across the New York Tri-State region, RXR strives to make a difference in how we live, work and conduct business, transforming communities into vibrant, desirable places for people to live, work and raise families. The communciation material featured here illustrates our initiatives across the region, highlights our development activity and provides an inside look at the RXR organization.
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Ritz Carlton and Glen Isle...Development Preview
5/22/2008
As a market leader in development and redevelopment, RXR has $3 billion of assets under management and a significant development pipeline. Its deep operating and development infrastructure provides RXR with the opportunity to leverage its “best in class” reputation to maintain its competitive advantage. Extensive local relationships and a track record of enhancing communities positions RXR as the landlord and developer of choice.
RXR has several exciting large-scale development projects underway, in the mixed use, residential and commercial sectors including the 2.5 million square foot mixed use Lighthouse at Long Island, which incorporates the Nassau Coliseum redevelopment; the Glen Isle mixed use redevelopment in Glen Cove waterfront (pictured, left), and two Ritz Carlton luxury residential developments – one recently completed in Baltimore’s Inner Harbor, and the other in North Hills (pictured, right) in Manhasset, Long Island.
Learn more about The Ritz Carlton Residences, North Hills Development
Learn more about the Glen Isle redevelopment
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RXR Takes the Marathon Title Again
5/5/2008
Carrying out its corporate tradition as the primary sponsor of one of the most popular marathons in the country, RXR proudly served once again as the title sponsor for the 2008 race! With over six thousand participants, the RXR Long Island Marathon is a great family weekend- one that is packed full of excitement, energy and healthy fun for everyone!
Remember -- there is always next year... and plans are already underway. Save the first weekend in May ... you'll be happy you did.
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Scott Rechler Honored at 12th Annual Hofstra Gala
5/1/2008
On Thursday, May 1st Hofstra University honored Scott Rechler, Chief Executive Officer and Chairman of RXR Realty LLC ("RXR") as a distinguished member of the Long Island community who has been a friend to the University for many years.
Scott serves on the Hofstra University’s President’s Leadership Council and on the Hofstra University Honors College Advisory Board.
"His vision and commitment to making Long Island a better place is unwavering, and we honor him in recognition of his unique and important contributions to our region." - Stuart Rabinowitz, President Hofstra University
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RXR Announces the Completion of its Next Generation Trophy Property- University Square, Princeton
4/9/2008
SHORT HILLS, N.J., APRIL 9, 2008 – RXR Realty LLC’s (“RXR”) has announced the successful completion of its newest Class-A office building, University Square, located in the prime real estate market of Princeton, New Jersey. The new five-story, state-of-the-art office building, owned by RXR, comprises 313,000 square feet of next generation, premier office space, targeted to exceed the expectations of the most discerning tenants in the sophisticated Princeton submarket.
University Square offers the highest level of amenities and services, creating a premier office environment. The building features: an impressive two-story atrium lobby with rich cherry wood paneling and granite detail; state-of-the-art communications, technology and connectivity; multi-dimensional teleconferencing and training facilities; concierge service; state-of-the-art health club with locker rooms and saunas, and a full-service cafeteria with seating for more than 60.
View Entire Press Release
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RXR Inks 693,153 sf in Leases Throughout Long Island Office Portfolio in 2007
1/22/2008
Uniondale, NY – January 22, 2008 – RXR Realty LLC (“RXR”) proudly closed out a strong 2007 recording 693,153 square feet in new or renewed leases across its prized Long Island portfolio of office properties. The many transactions with some of Long Island’s most prominent businesses, both new and renewing tenants, underscore RXR’s outstanding commitment to provide valued services and amenities to its tenants and validates RXR’s market position as Long Island’s leading commercial landlord.
View Entire Press Release & Current Leasing News
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RXR's Lighthouse Development News Update...
11/14/2007
Lighthouse Development Group, LLC, a joint venture between RXR Realty, LLC and Charles Wang, the Founder of the Lighthouse project and owner of the New York Islanders and New York Dragons, has been designated the exclusive developer of the Coliseum site and has entered into a Development Plan Agreement with the County of Nassau.
The Lighthouse project is the transformation of the Nassau Veterans Memorial Coliseum site and surrounding area into a modern 24/7 suburban center. The centerpiece will be a revitalized arena for the New York Islanders and New York Dragons, surrounded by exciting residential neighborhoods, lifestyle retail and entertainment venues, a sports technology center, multi-purpose athletic complex, state-of-the-art conference and exhibition facilities, a baseball stadium, and the first 5-star hotel on Long Island. The estimated $2 billion project is expected to generate almost $60 million of annual real estate tax revenue. An expected 16,000 construction jobs, thousands of permanent jobs and many new businesses will be created. Overall, the Lighthouse project will add more than $200 million of incremental revenue over the next 25 years to the County and the State from the renovation of the Coliseum alone and keep the New York Islanders on Long Island for decades to come.
View Development Details
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RXR gets on board Glen Isle development
10/16/2007
As reported in Newsday 10/16/07
The partnership developing a billion-dollar, mixed-use project on Glen Cove's waterfront has just become a threesome.
Scott Rechler, chief executive of Uniondale-based RXR Realty, said yesterday he intends to team with Donald Monti and Michael Posillico's Glen Isle Partners Llc, the entity behind a controversial proposal to bring 16-story buildings to a once-contaminated stretch of waterfront on Glen Cove Creek.
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RXR's Inspire Makes a Difference
10/9/2007
For more information about RXR Islanders Inspire or to reserve your seats, please call (800) 882-ISLES, Ext. 3 or email GroupSales@newyorkislanders.com to speak to a representative now.
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RXR teams up with Midtown to Develop Ritz Carlton properties
9/11/2007
As reported in Newsday 9/11/2007:
The region's leading commercial landlord is partnering with a top developer of luxury residences and mixed-use urban communities to form a new $2.8-billion development powerhouse.
Together, RXR Realty chief executive Scott Rechler and Midtown Equities president Daniel Pfeffer plan to build 244 Ritz-Carlton five-star condominium residences in North Hills, complete another Ritz-Carlton luxury residential project in Baltimore's Inner Harbor and build a 6-million-square-foot mixed-use waterfront project in Bridgeport, Conn.
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Construction at RXR’s Catskills Concord Development Slated To Begin
6/8/2007
RXR’s joint venture with Westchester developer Louis Cappelli owns the former Concord and Grossinger’s hotels in Kiamesha Lake and Monticello, respectively. Construction on the Concord site, which includes two golf courses, 3,000 homes and a luxury hotel-spa, will begin soon.
The Comprehensive Development Plan consists of:
- A 1,500 room hotel, resort and casino/convention center
- 3,000 + residential units
- A 200-room, five-star spa hotel
- A 300-room five-star lodge/hotel
- 600,000 square feet destination and big box retail
- Two 18-hole championship golf courses
- 60,000 square foot golf course clubhouse
Plans for the Grossingers portion of the development project are currently under development.
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