Continuing a whirlwind acquisition spree, RXR Realty is buying 237 Park Avenue for around $800 million, Crain’s reported. In partnership with Walton Street Capital, RXR scooped up the 21-story, 1.2 million-square-foot building, located between East 46th and East 47th Streets, from Lehman Brothers Holdings, which had previously foreclosed on the troubled asset and recovered it from Broadway Partners. Scott Rechler, RXR’s chief executive, told Crain’s that he would invest several million dollars to renovate the building. "It is consistent with what we've been looking for," Rechler said. "It's a good building with good bones that we can acquire at a large discount to what it would cost to replace the asset." [more]
Continuing a whirlwind acquisition spree, RXR Realty is buying 237 Park Avenue for around $800 million, Crain’s reported. In partnership with Walton Street Capital, RXR scooped up the 21-story, 1.2 million-square-foot building, located between East 46th and East 47th Streets, from Lehman Brothers Holdings, which had previously foreclosed on the troubled asset and recovered it from Broadway Partners. Scott Rechler, RXR’s chief executive, told Crain’s that he would invest several million dollars to renovate the building. "It is consistent with what we've been looking for," Rechler said. "It's a good building with good bones that we can acquire at a large discount to what it would cost to replace the asset." [more]