Scott Rechler Explained

Scott Rechler
Birth Date:4 November 1967
Nationality:American
Occupation:CEO and Chairman of RXR Realty
Spouse:Debby Feldstein
Children:3

Scott Rechler (born November 4, 1967)[1] is an American businessman. He is CEO and Chairman of RXR Realty (NY) and currently serves on the Federal Reserve Bank of New York’s Board of Directors.[2] Previously, Rechler was the vice chairman of the Port Authority of New York and New Jersey, chairman of the Regional Plan Association,[3] and a member of the Metropolitan Transportation Authority board.

Career

Rechler was born to a Jewish family, the son of Lita (née Rudy)[4] and Roger Rechler.[5] He was raised in Port Washington, New York on Long Island.[6] His grandfather, William Rechler, developed the design for the lightweight foldable aluminum chair after World War II. He later founded Reckson Associates in 1958. Scott Rechler joined the company in 1989[7] and led its initial public offering in 1995 forming Reckson Associates Realty Corp. (NYSE:RA). Rechler became chief operating officer and later co-CEO of the company[8] and he led Reckson's expansion beyond Long Island into the New York and tri-state region.[9] In 2003, Rechler was named chief executive. The company was acquired in early 2007 by SL Green Realty Corp.[10] [11] for $6 billion,[12] which resulted in a 700 percent total return for Reckson shareholders.[9] Afterwards, Rechler formed RXR Realty and became CEO and Chairman of the organization.[13] [14] [15] By 2017, RXR managed over 22 million square feet of commercial real estate and held more than $15.7 billion in assets under management.[16] As of March 31, 2023, RXR has an estimated $20 billion in gross asset value.[17]

Rechler was appointed to the Port Authority of New York and New Jersey by Governor Andrew Cuomo in 2011,[15] where he oversaw the redevelopment of LaGuardia Airport and the World Trade Center.[18] He became vice-chairman of the organization in 2012.[19] [20]

In 2015, Rechler was recognized as one of the most powerful people in New York City real estate by the Commercial Observers Power 100 list.[21]

In October 2016, Rechler was elected chairman of the board of directors of the Regional Plan Association, a position he kept until 2022.[22] In June 2017, he was named as a member of the Metropolitan Transportation Authority board.[23] [24]

In 2018, Rechler was recognized by City & State New York as being one of Long Island’s most influential and powerful people. Rechler is a regular contributor on commercial real estate market trends with commentary appearing on CNBC, Fortune, and The Wall Street Journal.In 2021, Rechler was appointed to the Federal Reserve Bank of New York’s Board of Directors and was elected to serve a full term the following year.[25]

Philanthropy

In July 2023, Scott and Debby Rechler donated $10 million to fund research for the use of artificial intelligence at Northwell Health and its Feinstein Institutes for Medical Research to address health disparities and improve medical care.[26]

Rechler is also on the board of the 9/11 Memorial,[27] Drum Major Institute[28] and the Feinstein Institute for Medical Research,[29] is a trustee on the board of Long Island Children's Museum,[30] as well as co-chair of the Tribeca Film Institute board of directors[31] and the Centre for Social Innovation board of directors.[32]

Personal life

He is married to Debby Feldstein, whom he met during college.[33] They have three children.

Notes and References

  1. News: The Closing: Scott Rechler. November 1, 2011. The Real Deal. https://web.archive.org/web/20111107203927/https://therealdeal.com/newyork/articles/the-closing-scott-rechler/ . November 21, 2022. 2011-11-07 .
  2. Web site: Winzelberg . David . RXR CEO Scott Rechler elected to NY Fed board . Long island business news . 24 October 2023.
  3. Web site: Who was the man with the red tie at Trump Tower?. January 17, 2017. Randi F. Marshall. Newsday.
  4. News: The Ticker.
  5. Web site: Paid Notice: Deaths - RECHLER, ROGER. Mar 2008. The New York Times. The New York Times. 2018-09-05.
  6. Web site: Cunningham. Cathy . Great Scott!: Rechler Talks Reckson, RXR and Redevelopment . Commercial Observer. October 11, 2017.
  7. Web site: Long Island. Bernadette Starzee. September 12, 2008. Long Island Business News.
  8. Web site: Rechlers See a New Residential Demand to Fill. Sarah Rose. September 7, 2014. The Wall Street Journal.
  9. Web site: Scott Rechler's RXR Realty goes on buying binge, aided by luck and aggression. Adam Piore. May 1, 2013. The Real Deal.
  10. Web site: A Real-Estate Player Looks Poised to Pounce. Dawn Wotapka. April 7, 2010. The Wall Street Journal.
  11. Web site: A Real Estate Firm's History Is Told in Its New Home. Peter Slatin. May 22, 2012. The New York Times.
  12. Web site: SL Green, Reckson merger complete. January 26, 2007. The Real Deal.
  13. Web site: Why Major Landlords Still Believe in Midtown. Liam La Guerre. May 12, 2017. Commercial Observer.
  14. Web site: Scott Rechler. Vivian Marino. January 6, 2011. New York Times.
  15. Web site: RXR's Scott Rechler making plans to leave Port Authority. April 29, 2016. The Real Deal.
  16. Web site: RXR, SL Green to Buy 49 Percent Stake in $1.7B Worldwide Plaza, $1.2B Refi on the Way. Cathy Cunningham. September 14, 2017. Commercial Observer.
  17. Web site: Scott Rechler, CEO of RXR Realty and Board Member of the Federal Reserve Bank of New York, discusses how 20% of extant office buildings may now be obsolete in the post-COVID era and how investors can transition to a new "regime" of real estate investing. . AFIRE.
  18. Web site: $8B earmarked for big upgrade of NY airports. Daniel Geiger. February 4, 2014. Crain's New York.
  19. Web site: Port Authority exit is the latest blow for Cumo. Steve Cuozzo. May 1, 2016. New York Post.
  20. Web site: Scott Rechler Passes Baton to Steven M. Cohen for Top NY Appointee Spot at Port Authority. Terence Cullen. May 26, 2016. Commercial Observer.
  21. Web site: The Power 100. April 26, 2017. Commercial Observer.
  22. Web site: Scott Rechler chose as chair of Regional Plan Association. October 19, 2016. Maura McDermott. Newsday.
  23. Web site: Scott Rechler joining MTA board. June 20, 2017. The Real Deal.
  24. Web site: Rechler named to MTA board. Daniel Geiger. June 20, 2017. Crain's New York.
  25. Web site: Chaffin . Joshua . New York property tycoon to give worn-out offices ‘back to the bank’ . FT . 24 October 2023.
  26. Web site: Libassi . Matthew . Feinstein Institutes gifted $10 million by Scott and Debby Rechler to combat disparities with AI healthcare . Feinstein . 25 October 2023.
  27. Web site: Board of Directors. 9/11 Memorial & Museum.
  28. Web site: Trump meets with RXR's Rechler, MLK III. Holly Dutton. January 18, 2017. Real Estate Weekly.
  29. Web site: Feinstein Institute Appoints David Dangoor, Scott Rechler as New Board Members. October 29, 2015. Feinstein Institute for Medical Research.
  30. Web site: Board of Trustees. Long Island Children's Museum.
  31. Web site: Board of Directors. Tribeca Film Institute.
  32. Web site: Board of Directors. Centre For Social Innovation.
  33. Web site: From Clark University to Ground Zero: Scott Rechler '89 recounts his journey at Reunion Dinner . Clark University. May 23, 2014 .

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