Transformation of an Icon: RXR Talks Starrett-Lehigh’s $900M Refi and Redevelopment

BY Cathy Cunningham, Commercial Observer

In September, RXR Realty landed a $900 million refinance for its iconic Starrett-Lehigh building.

Morgan Stanley and New York Community Bank provided the debt, which both pays down the existing $525 million in debt on the property and acts as a transitional loan to see the property through its repositioning period.

Specifically, RXR is currently in the process of redeveloping and leasing retail space on the 2.3-million-square-foot building’s ground floor, catering to the property’s tenants as well as the general public and further fostering the community environment at the landmarked property.

Mike Maturo, RXR’s president, and William Elder, the managing director of RXR’s New York City division, met with CO at Starrett-Lehigh recently to show us exactly how the refinance is being put to use and how its ground floor is about to be transformed…

Published: October 31, 2018
Filed Under: Company

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.