Transformation of an Icon: RXR Talks Starrett-Lehigh’s $900M Refi and Redevelopment
In September, RXR Realty landed a $900 million refinance for its iconic Starrett-Lehigh building.
Morgan Stanley (MS) 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…