By Aaron Elstein, Crain’s
Few companies have been busier during the real estate boom than RXR Realty. The firm, headed by Scott Rechler, was the biggest buyer of Manhattan offices last year, according to Bloomberg News, culminating with the $1.65 billion acquisition of 1285 Sixth Ave. The company also developed Pier 57 on the Hudson River—dubbed the Super Pier—and it rented space to Google. RXR is still in buying mode, teaming up with SL Green to purchase a nearly 50% stake in Worldwide Plaza in a deal that values the Midtown office tower at more than $1.7 billion. The company also made a foray into residential development, purchasing a 363-unit property in Fort Greene, Brooklyn.
A version of this article appears in the November 13, 2017, print issue of Crain’s New York Business.
The RXR platform manages 68 commercial real estate properties and investments with an aggregate gross asset value of approximately $18.8 billion, comprising approximately 30.4 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 2,600 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 March 31, 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.