Recognizing 2019’s 50 most powerful people New York real estate.
Twenty-five billion dollars. A skyscraper with the highest outdoor observation deck in the Western Hemisphere. Hudson Yards – described as “a city within a city” – is the largest private real estate development in U.S. history, praised by some as the city’s latest architectural attraction and economic boon, and criticized by others “a dystopian playground” for the wealthy. A labor fight over the project became one of New York’s bitterest real estate disputes, with the Building and Construction Trades Council of Greater New York assailing the Related Cos.’ use of nonunion labor – but shortly before its unveiling on March 15, the two sides reached a truce.
In our inaugural Real Estate Power 50, we recognize Related’s Stephen Ross and Jeff Blau, labor union boss Gary LaBarbera, and 47 other leaders reshaping New York, plus 10 up-and-coming industry professionals. We reached out to insiders and experts to compile this list, ranking each person based on their achievements and their political clout. Since we cover elected officials on a day-to-day basis, we limited this list to those who influence policymaking from the outside.
Without further ado, we’re pleased to introduce the 50 most powerful people in New York real estate.
Number 5. Scott Rechner – Chairman and CEO, RXR Realty
An outspoken business leader, Scott Rechler uses his bully pulpit as head of a firm that manages over 20 million square feet of commercial real estate space in the New York City metro area to promote issues like get-out-the-vote efforts, fixing the subways and reducing gun violence. He was effective in pushing for better transit and infrastructure as an appointee of Gov. Andrew Cuomo on important governmental bodies: As a member of the Metropolitan Transportation Authority board, Rechler led efforts to streamline the unwieldy procurement process; and as a board member of the Port Authority of New York and New Jersey, he helped oversee the World Trade Center redevelopment.
Rechler, who chairs the Regional Plan Association, has even lobbied President Donald Trump. He has reportedly met with the president to advocate for local infrastructure, such as the Gateway rail tunnel project, for which funding remains in limbo. On Long Island, where Rechler is based, RXR Realty is building the Nassau Hub, the mixed-use project surrounding the refurbished Nassau Coliseum.
See all of The Real Estate Power 50 by NY City & State
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.