Secrets of Success with Scott Rechler
September 24, 2015
By Michael Torhan, CPA
As part of its Secrets of Success series, the Urban Land Institute New York Young Leaders Group hosted an event on September 22, 2015 with Scott Rechler, Chief Executive Officer and Chairman of RXR Realty and Vice Chairman of the Port Authority of New York and New Jersey.
Developments in real estate, both locally and across the country, were discussed. The concept of a structural shift in the economy and the way people live and interact was presented by Mr. Rechler. He spoke about how transformations have occurred in many areas of life including shopping (Amazon), working (reduced square footage per employee), renting (Airbnb), and hailing cabs (Uber).
Challenge of Capacity
As New York City continues to attract talent and capital, capacities in infrastructure, housing, and office space are being challenged. Mr. Rechler stressed the importance that his company has placed on buying 20th century buildings and transforming the interiors so that they meet 21st century needs, while keeping the culture and character of the buildings intact.
Eye to the Future
Mr. Rechler finished the session by stressing the importance of focusing on long-term objectives as well as always doing the right thing in business. By looking to make communities a better place to live for everyone, we will all benefit.