RXR: The Next King of Queens?
The acquisition this summer of Long Island City’s Standard Motor Products Building only whetted RXR’s appetite for dealmaking in Queens, and the firm's now scouting for more investments throughout the borough, the Queens Courier reports.
Seth Pinsky (above), RXR’s emerging opportunities honcho in New York, is very bullish on Queens in general, not just hotspots like Long Island City. Why? The spiking prices in Manhattan are driving employers across the river and people increasingly want to work in the sort of accessible and vibrant areas the borough has in abundance. RXR isn’t only eyeing properties like the 330k SF Standard Motor Products Building, acquired in June for $110M. The firm is raising a fund for emerging submarkets, communities further afield like the Rockaways and Forest Hills, Pinsky told the Courier.