Scott Rechler
Scott Rechler | |
|---|---|
| Born | November 4, 1967 |
| Nationality | American |
| Occupation(s) | 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][4] and a member of the Metropolitan Transportation Authority board.[5]
Career
[edit]Rechler was born to a Jewish family, the son of Lita (née Rudy)[6] and Roger Rechler.[7] He was raised in Port Washington, New York on Long Island.[8] His grandfather, William Rechler, developed the design for the lightweight foldable aluminum chair after World War II. He later founded Reckson Associates in 1958.[9] Scott Rechler joined the company in 1989[10] and led its initial public offering in 1995 forming Reckson Associates Realty Corp. (NYSE:RA).[11] Rechler became chief operating officer and later co-CEO of the company[9] and he led Reckson's expansion beyond Long Island into the New York and tri-state region.[11] In 2003, Rechler was named chief executive.[12] The company was acquired in early 2007 by SL Green Realty Corp.[13][14] for $6 billion,[15] which resulted in a 700 percent total return for Reckson shareholders.[11] Afterwards, Rechler formed RXR Realty and became CEO and Chairman of the organization.[16][12][17] By 2017, RXR managed over 22 million square feet of commercial real estate and held more than $15.7 billion in assets under management.[18] As of March 31, 2023, RXR has an estimated $20 billion in gross asset value.[19]
Rechler was appointed to the Port Authority of New York and New Jersey by Governor Andrew Cuomo in 2011,[17] where he oversaw the redevelopment of LaGuardia Airport and the World Trade Center.[20] He became vice-chairman of the organization in 2012.[21][22]
In 2015, Rechler was recognized as one of the most powerful people in New York City real estate by the Commercial Observer's Power 100 list.[23]
In October 2016, Rechler was elected chairman of the board of directors of the Regional Plan Association, a position he kept until 2022.[24] In June 2017, he was named as a member of the Metropolitan Transportation Authority board.[25][5]
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.[26]
Philanthropy
[edit]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.[27]
Rechler is also on the board of the 9/11 Memorial,[28] Drum Major Institute[4] 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
[edit]He is married to his college sweetheart, Debby Feldstein;[33] they have three children.[8]
References
[edit]- ^ "The Closing: Scott Rechler". The Real Deal. November 1, 2011. Archived from the original on 2011-11-07. Retrieved November 21, 2022.
- ^ Winzelberg, David. "RXR CEO Scott Rechler elected to NY Fed board". Long island business news. Retrieved 24 October 2023.
- ^ Randi F. Marshall (January 17, 2017). "Who was the man with the red tie at Trump Tower?". Newsday.
- ^ a b Holly Dutton (January 18, 2017). "Trump meets with RXR's Rechler, MLK III". Real Estate Weekly.
- ^ a b Daniel Geiger (June 20, 2017). "Rechler named to MTA board". Crain's New York.
- ^ "The Ticker".
- ^ The New York Times (Mar 2008). "Paid Notice: Deaths — RECHLER, ROGER". Retrieved 2018-09-05.
- ^ a b Cunningham, Cathy (October 11, 2017). "Great Scott!: Rechler Talks Reckson, RXR and Redevelopment". Commercial Observer.
- ^ a b Sarah Rose (September 7, 2014). "Rechlers See a New Residential Demand to Fill". The Wall Street Journal.
- ^ Bernadette Starzee (September 12, 2008). "Long Island". Long Island Business News.
- ^ a b c Adam Piore (May 1, 2013). "Scott Rechler's RXR Realty goes on buying binge, aided by luck and aggression". The Real Deal.
- ^ a b Vivian Marino (January 6, 2011). "Scott Rechler". New York Times.
- ^ Dawn Wotapka (April 7, 2010). "A Real-Estate Player Looks Poised to Pounce". The Wall Street Journal.
- ^ Peter Slatin (May 22, 2012). "A Real Estate Firm's History Is Told in Its New Home". The New York Times.
- ^ "SL Green, Reckson merger complete". The Real Deal. January 26, 2007.
- ^ Liam La Guerre (May 12, 2017). "Why Major Landlords Still Believe in Midtown". Commercial Observer.
- ^ a b "RXR's Scott Rechler making plans to leave Port Authority". The Real Deal. April 29, 2016.
- ^ Cathy Cunningham (September 14, 2017). "RXR, SL Green to Buy 49 Percent Stake in $1.7B Worldwide Plaza, $1.2B Refi on the Way". Commercial Observer.
- ^ "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.
- ^ Daniel Geiger (February 4, 2014). "$8B earmarked for big upgrade of NY airports". Crain's New York.
- ^ Steve Cuozzo (May 1, 2016). "Port Authority exit is the latest blow for Cumo". New York Post.
- ^ Terence Cullen (May 26, 2016). "Scott Rechler Passes Baton to Steven M. Cohen for Top NY Appointee Spot at Port Authority". Commercial Observer.
- ^ "The Power 100". Commercial Observer. April 26, 2017.
- ^ Maura McDermott (October 19, 2016). "Scott Rechler chose as chair of Regional Plan Association". Newsday.
- ^ "Scott Rechler joining MTA board". The Real Deal. June 20, 2017.
- ^ Chaffin, Joshua. "New York property tycoon to give worn-out offices 'back to the bank'". FT. Retrieved 24 October 2023.
- ^ Libassi, Matthew. "Feinstein Institutes gifted $10 million by Scott and Debby Rechler to combat disparities with AI healthcare". Feinstein. Retrieved 25 October 2023.
- ^ "Board of Directors". 9/11 Memorial & Museum.
- ^ "Feinstein Institute Appoints David Dangoor, Scott Rechler as New Board Members". Feinstein Institute for Medical Research. October 29, 2015.
- ^ "Board of Trustees". Long Island Children's Museum.
- ^ "Board of Directors". Tribeca Film Institute.
- ^ "Board of Directors". Centre For Social Innovation.
- ^ "From Clark University to Ground Zero: Scott Rechler '89 recounts his journey at Reunion Dinner". Clark University. May 23, 2014.