Secrets of Success with Scott Rechler

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.

Current Trends

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.

Michael Torhan is a Senior Tax Manager in the Real Estate Services Group providing tax compliance and consulting services for businesses in a variety of industries including the real estate, hospitality, and financial services sectors.

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