The supposed “office-market collapse due to WFH” lasted less than 72 hours. But it sure stirred up what RXR Realty CEO Scott Rechler called a “firestorm,” reflecting how much the i…
The supposed “office-market collapse due to WFH” lasted less than 72 hours. But it sure stirred up what RXR Realty CEO Scott Rechler called a “firestorm,” reflecting how much the industry remains on edge.that Rechler planned to “give back the keys” to his banks at some RXR properties, prompting scary headlines. Fortune howled, “A new era of remote work has pushed a New York property magnate to consider giving up some of his office buildings: ‘I don’t think there’s anything we can do with them.
But it turned out that Rechler was referring to only two under-performers among RXR’s 91-building, 31 million square-feet commercial holdings valued at $21.2 billion. Rechler wrote a note to investors,The properties are probably 110-year-old 61 Broadway and 1889-vintage 47 Hall Street near the Brooklyn Navy Yard. Rechler wouldn’t confirm the exact addresses, citing bank confidentiality.
Many speculated that Rechler could be unloading properties such as Five Times Square, but he clarified that no wholesale purge was in the works.Christopher Sadowski “We’re actively working on conversion plans but we’d need lenders to modify the loans,” he said. “We’d invest a lot of money in this.”much-talked-about ‘flight to quality
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