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.
As part of the new initiative, RXR will invest in New York City metropolitan markets that have access to infrastructure and transit and offer opportunities for growth. Recently, the firm has announced developments in Hempstead and Glen Cove, Long Island, where the Garvies Point project is expected to yield 860 residential units and 50,000 square feet of office space.
“We are looking in Long Island City, Brooklyn and parts of lower Manhattan, particularly those areas affected by Hurricane Sandy,” Mr. Rechler said of other potential opportunities for investment.
RXR has been focused on the new initiative for over a year, according to Mr. Rechler, who said he had previously had informal conversations with Mr. Pinsky about potential opportunities.
“We really believe real estate is a local business, particularly in places like New York,” Mr. Rechler said. “If we invest in regions that are emerging, we can generate good returns and do right by the communities we are involved in.”
Mr. Pinsky, 41, will leave the NYCECD early next month before joining RXR in September, according to a statement.
Mr. Pinsky was not immediately available for comment.