RXR Takes $785M AIG Loan for Helmsley Buy

230 Park Avenue.

RXR Realty closed a $785 million acquisition loan from American International Group for its purchase of the Helmsley Building at 230 Park Avenue, Commercial Observer has learned.

Meridian Capital Group negotiated the seven-year loan, according to a person with intimate knowledge of the deal. Read More

Finance, Sales Beat

RXR Completes 32 Old Slip Buy With $325M Loan Brokered by Meridian

32 Old Slip. (CoStar)

Scott Rechler’s RXR Realty closed on its purchase of Manhattan’s 32 Old Slip with a $325 million loan from GE Capital, Commercial Observer has learned. New York-based Meridian Capital Group brokered the financing.

RXR bought the 36-story office building between Front and South Streets from Beacon Capital Partners for $675 million in a deal that closed this week. Read More

Mortgage Observer

Old New York: The Starrett-Lehigh Building

Starrett-Lehigh Building (Library of Congress)

A look at the history of the Starrett-Lehigh building, which traded last month in a massive sale from RXR Realty to Blackstone Group. The dazzling structure, first built to accommodate rail deliveries, has transformed throughout the years as it went from offering rents from $1 per square foot per year to trading for nearly $100 million. Read More

Power Broker

Ambassador Rechler of RXR Realty

RXR Realty's Seth Pinsky and Scott Rechler, from left. (Aaron Adler)

It’s not often that the top real estate honchos are willing, dare we say eager, to call a reporter from the mountains of North Africa to talk about one of their colleagues.

But when it came to talking about Scott Rechler, they called from far and wide over the holidays to heap praise on the chief executive officer and chairman of RXR Realty. Developer Joseph Sitt, the head of Thor Equities, for one, phoned Commercial Observer last week from the Atlas Mountains in Morocco.  Read More

World Trade Center

Silverstein, Officials Hail WTC Progress On Anniversary

WTC update

World Trade Center developer Larry Silverstein, master plan architect Daniel Libeskind and Port Authority of New York & New Jersey Vice Chairman Scott Rechler praised the progress of the 16-acre trade center site today in a “World Trade Center update” event timed for the week of the Sept. 11 anniversary.

Messrs. Silverstein, Libeskind and Rechler and a slew of other officials sought to draw attention to the strength of the downtown real estate market, Mr. Libeskind’s vision for the site and the now-on-track construction schedule as the process of rebuilding on the site nears the end of its 13th year. Read More

Real Estate and Politics

Rechler Weighs in on New Port Authority Chairman

Scott Rechler.

The Port Authority of New York & New Jersey has elected former New Jersey Attorney General John Degnan as chairman of the bi-state agency’s Board of Commissioners. Scott Rechler, the CEO of RXR Realty and vice chairman of the Port Authority’s Board of Commissioners, assumed the chairmanship following David Samson‘s resignation from the position in March. Along with Wednesday’s announcement of Mr. Degnan’s swearing in, the Port Authority indicated the board’s authorization of $90 million in improvements for its 64-year-old bus terminal. Commercial Observer checked in with Mr. Rechler to see how he felt about giving up the temporary chairman post, his greatest accomplishment while serving as chairman and his feelings about his replacement. Read More

Healthy Debate

Rechler: 3 World Trade Center Wrangling Is ‘Healthy’

Scott Rechler.

The Port Authority of New York & New Jersey’s fracas over construction financing for 3 World Trade Center has been a positive development in the scrutinized public agency’s quest for greater transparency, the vice chairman of the Port’s board claims.

RXR Realty CEO Scott Rechler, who has led the agency’s board of commissioners since former Chairman David Samson resigned over the fallout from the George Washington Bridge scandal in March, praised the three-month debate over the Port’s potential backing of a loan that would help Silverstein Properties finish 3 World Trade Center. Read More

Building Sale

RXR Closes $330M 61 Bway Buy

61 Broadway.

Last Friday, RXR Realty closed on its $330 million purchase of 61 Broadway at Exchange Place, Commercial Observer has learned.

The deal marks RXR’s entree into the lower Manhattan market. RXR wanted the 33-story building because “the building itself has a tremendous amount of character,” it’s a great block with “lots of air and light” and one of RXR’s tenants took a lease there, said Scott Rechler, chairman and chief executive officer at RXR. Read More

World Trade Center

Port Authority Delays Vote on 3 World Trade Center

World Trade Center

Port Authority commissioners expressed confidence they would reach agreement on a potential $1.2 billion loan guarantee for 3 World Trade Center Wednesday despite another delay in the vote on the contentious financing package.

Agency leaders are negotiating with Silverstein Properties, the developer of the proposed 80-story tower, to use more private capital and expose the Port Authority to less risk. But officials shared no timeline on a vote for the financing scheme and gave few details on the prospective capital providers. Read More

World Trade Center

Port Authority Delays Vote on 3 WTC Subsidies

A rendering of 3 World Trade Center

The Port Authority of New York & New Jersey has postponed its vote on subsidies for Silverstein Properties3 World Trade Center until at least next month, according to published reports.

As previously reported, Scott Rechler, the vice chairman of the board of commissioners, is advocating a revised financing deal for the office tower. Under the latest proposal, the Port Authority would guarantee Silverstein Properties a $1.2 billion construction loan. At a meeting on Wednesday, Mr. Rechler explained the proposal to the board’s commissioners, which will vote next month, according to Bloomberg News. Read More

World Trade Center

Port Authority Debates 3 World Trade Center Subsidies

A rendering of 3 World Trade Center

Members of the board of the Port Authority of New York and New Jersey are at odds over whether to double the amount of subsidies available for Silverstein Properties3 World Trade Center to $1.2 billion, according to The New York Times.

Scott Rechler, the vice chairman of the Port Authority and chief executive of RXR Realty, is spearheading the proposal, arguing that construction of the tower would mark the completion of the new World Trade Center site. Read More

Lease Beat

Bevmax Office Centers Signs Lease at 485 Madison


Office space provider Bevmax Office Centers has signed a 10-year, 15,736-square-foot lease at Jack Resnick & Sons485 Madison Avenue.

“The Resnick organization is one of the premier landlords and has a reputation for running extraordinarily well-managed and premier properties,” Rick Feld, the president of Bevmax, told Commercial Observer. “Not every landlord in New York meets that standard.” Read More

The Sit-Down

The Company Man: Seth Pinsky Reflects on EDC and Looks Ahead at RXR

Seth Pinsky.

In July, Seth Pinsky, then the president of the New York City Economic Development Corporation, announced he would soon shift from the public sector to the private sector. In his decade-long stint at the EDC, Mr. Pinsky boosted his reputation citywide by helping to secure a number of high-profile development projects, including Atlantic Yards, Hudson Yards and the Cornell Tech campus, and by initiating the response to areas of the city hit hardest by Hurricane Sandy. In his next chapter, Mr. Pinsky will spearhead RXR Realty’s Emerging Markets platform, which aims to identify growth opportunities in New York City and the surrounding metropolitan area. Mr. Pinsky, who joined RXR last month as executive vice president, spoke with The Commercial Observer last week at the developer’s Midtown offices and spent time discussing his tenure at the EDC and his new role. Read More


Pinsky to Spearhead RXR’s Emerging Market Strategy

RXR Realty has hired Seth Pinsky, president of the New York City Economic Development Corporation, as executive vice president and investment manager of the firm’s new Metropolitan Emerging Market Strategy, it was announced today.

“[Seth] has a very, very in-depth understanding of economic development in the New York Tri-State area,” Scott Rechler, chief executive officer at RXR, told The Commercial Observer. Read More