Following RXR Realty’s $700 million acquisition of 450 Lexington Avenue last year, six of the firm’s top executives met with sellers Daniel Saliba and Mark Troy of Istithmar World Capital for a closing dinner at Lavo, the Italian restaurant on Manhattan’s East Side.
A round of toasts that evening, most agreed, was in stark contrast Read More
RXR Realty, a real estate operating and investment company affiliated with Walton Street Capital, has agreed to acquire 237 Park Avenue from an entity controlled by Lehman Brothers Holdings Inc., it was announced today.
The transaction has a large equity component with a low-leverage, existing loan in place, according to Scott Rechler, chairman and chief executive officer of RXR. According to multiple reports, the closing price is approximately $800 million. Read More
Scott Rechler’s RXR Realty has signed a 99-year triple-net lease at British department store tycoon Mohamed Al Faye’s 75 Rockefeller Plaza in Midtown Manhattan, where it plans to undertake a major capital improvement to reposition the building.
The 33-story building will be fully vacated by Time Warner Cable in 2014, leaving behind roughly 630,000 square feet of rentable area, and the renovations will include a new lobby and a restoration of its landmarked, classic limestone façade, executives at RXR said. Read More
More than 300 real estate professionals crowded the Metropolitan Club early Thursday morning, despite snow-covered sidewalks, for the Observer Media Group’s third annual Masters of Real Estate forum.
Sponsored by Fried Frank and Marks Paneth & Shron, the event drew boldface names like Larry Silverstein and Mortimer Zuckerman, who spoke about the devastation wrought by Sandy, not to mention financiers like Angelo Gordon & Co.’s Adam Schwartz and Rockpoint Group’s Keith Gelb, who weighed in on opportunistic investments.
Below, reporter Al Barbarino walks the room and listens in on the panels, striving to put his finger on the commercial real estate industry’s pulse, minute by minute. Read More
Otherwise known as “Site 5″, the land, where the Deutsche Bank building once stood, could be sold for upwards of $200 million. In the new accord the Lower Manhattan Development Corporation must honor a 2006 agreement by handing over Site 5 to the Port Authority, in exchange for the title to the 8 acres the museum and memorial take up on the World Trade Center site, Reuters reports. Read More
Public Storage is buying a warehouse building in the Bronx for around $30 million sources have revealed to The Commercial Observer.
The company, known for its bright orange signage, will open a facility in the roughly 410,000-square-foot property, which is located at 385 Gerard Avenue in the Mott Haven section of the South Bronx. Read More
The Centre for Social Innovation, an office suite company, is taking 24,000 square feet at the Starrett-Lehigh Building as an incubator for socially conscious small businesses and start up companies.
CSI, as the company’s name is abbreviated, will lease a portion of the 2.3 million-square-foot office building’s third floor. Read More
Long Island-based real estate firm RXR Realty LLC is under contract to purchase 450 Lexington Avenue from Istithmar World Capital.
The company, which is run by Scott Rechler, had purchased a portion of the property’s $600 million in debt in over the past two years, and is close to assuming complete ownership of the property. Read More
On Thursday night, New York Giants star defensive lineman and two time Super Bowl champion Justin Tuck hosted his annual celebrity billiards tournament at the Flatiron pool lounge Slate, a charity event he holds to raise money to fight illiteracy. The event was co-sponsored by RXR Realty, whose chief executive Scott Rechler (who was ranked a lofty number four on The Commercial Observer’s Power 100 list) is one of the city’s most prolific and successful investors. The night featured a collection of celebrities, real estate executives and of course, pro athletes, including more than a few stars from the Super Bowl champion Giants. Read More
The success of 200 Fifth Avenue has served in many ways as the template for 28-40 West 23rd Street, and no doubt many other buildings in Midtown South. The building’s developer, L&L Holding Co., guessed the popularity of the neighborhood and bet a big reinvention of the property would draw top-shelf tenants, a gamble that paid off when it landed Grey Advertising and Tiffany & Co. Now the landlord of 28-40 West 23rd Street is in the middle of a similar kind of makeover. The Cohen, Roos and Carmel families, who together own the 600,000-square-foot tower, have plans to create a roof deck and have done deals with tech companies that are invading the neighborhood in droves. After the jump, The Commercial Observer talks to Andrew Roos, a Colliers International leasing executive and an owner of 28-40 West 23rd Street. Return at 10:30 today for a second installment with David Berkey, L&L’s director of leasing. Read More
A year into owning the Starrett-Lehigh Building, RXR Realty is making what at first appeared a dicey gamble into an investment that looks closer to a sure thing.
RXR, led by its chief executive Scott Rechler, acquired the 2.3 million-square-foot far West Side office building last year for a whopping $900 million, a purchase price that equated to almost $400 per square foot. Though buildings in Midtown have traded for double that or more on a per square foot basis in recent months, the sheer magnitude of the investment turned heads as a jumbo-sized commitment in a neighborhood that many brokers and tenants still consider off the beaten path. Read More
