By Konrad Putzier, The Real Deal
Port Authority of New York and New Jersey executive David Garten left the bi-state agency to join his former boss Scott Rechler at RXR Realty.
Garten served as Rechler’s chief of staff for three years while the developer doubled as vice chair of the agency. Rechler left the Port Authority last year and Garten briefly served as chief of staff to his successor Steve Cohen until Cohen resigned in November.
At RXR, Garten will work with former Economic Development Corporation head Seth Pinsky on the company’s suburban development projects in towns like Hempstead on Long Island. He will also handle infrastructure investment.
RXR made headlines with major Manhattan deals over the past year, but has quietly been investing in suburban real estate as well.
“You’ve got a crisis in the city, where people can’t afford to live and all the right ingredients are here,” Pinsky told The Real Deal last year. “To me, it seems obvious. Once you start looking at it, you think, ‘Why haven’t we been doing this all along?’”
Since leaving the Port Authority, Rechler has criticized the agency.
“Maybe in reality it’s impossible to keep it from being attacked by politics,” he said in February, adding that it may be time to ask, “Should we break it up?”
The RXR platform manages 71 commercial real estate properties and investments with an aggregate gross asset value of approximately $20.5 billion, comprising approximately 31.4 million square feet of commercial properties, inclusive of approximately 6.0 million square feet of buildings securing debt and preferred equity investments, a multi-family residential portfolio of approximately 2,500 units under operation or development, and control of development rights for an additional approximately 3,700 multi-family and for sale units in the New York Metropolitan area as of June 30, 2019. Gross asset value compiled by RXR Realty in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage.