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TWINS!

New York

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TWINS!
Scott Rechler and Walt Smith at The Hilton New York on Nov. 1, 2011
Judging by our headline and this picture, sometimes our job is just too easy. We snapped RXR Realty CEO Scott Rechler and Colliers'Walt Smith, who have more in common than just their sense of style. Walt also once ran property management for RXR. Scott was speaking at Tuesday's REBNY member lunch at the Hilton NY and says his firm acquired the historic Starret-Lehigh Building in an emerging market and expects to execute its turnaround in 10 years, though it got 12 years of financing just to be safe. Rents there are now in the low $30s/SF, but he's already talking to tenants about mid-$40s rates. He also says NYC is probably 10th among the 10 global cities as far as office rents, meaning there sure will be room to raise em'.
Related Topics: Lehigh Building