News
New York Technology

TWINS!

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'.

Continue reading this story with a free account

Log in or register
Related Topics: Lehigh Building
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories

Wall Street Impatient For Big Tech Returns On Data Center Spending

As AI Adoption Ramps Up, Half A Million Property Managers Are In The Crosshairs

Treasuries Hover Around 4.7% As Wall Street Questions If Warsh Is A 'Dove In Hawk's Clothing'

Federal Government To Sell Nearly 31K SF In Five Points: The Denver Deal Sheet

Avison Young Had Assets Frozen By Bank Over Unpaid Taxes

Artificial Intelligence Companies Reshaping Dublin Office Demand As OpenAI Confirms HQ

Mars Factory Overhaul Stalls As Candymaker's Chicago Expansion Accelerates

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

Churchill Downs Plans To Sell 9 Casinos, Focus On Horse Racing

How Long Island Projects Can Cut Through Red Tape And Community Opposition To Cross The Finish Line

'Redefining Industry Standards': RCG's 3-Pronged Approach To Building Automation

Bringing Stability And Savings To CRE Insurance Through Working Layer