Date: Sep 22, 2011
Press Release Number: 117-2011
Scott Rechler, a leading real estate management executive, was named today as the Vice Chairman of the Port Authority’s Board of Commissioners. In addition to his role as vice chairman, Mr. Rechler also will serve as vice chairman of the Board’s Construction Committee and as a member of its Capital Programs/Agency Planning Committee.
Mr. Rechler, who was appointed to the Board of Commissioners in June 2011 by New York Governor Andrew Cuomo, succeeds Stanley Grayson, who resigned from the Board earlier this week.
Port Authority Chairman David Samson said, “Commissioner Rechler’s extensive experience in private-sector management and financial issues will be a tremendous asset to the Board as we continue to review our financial circumstances and our Capital Plan. His contributions have already had a strong, positive impact since he joined the Board and I look forward to his continued leadership and working with him in his role as vice chairman.”
Mr. Rechler is the Chief Executive Officer and Chairman of RXR Realty LLC (“RXR”), a leading real estate operating and investment company in the New York Tri-State area. RXR is a vertically integrated private real estate company with expertise in investment management, property management, development, design, construction, leasing and financing. The company is one of the largest owners, managers, and developers in the new York Tri-State area with interests in approximately $4.5 billion of assets, comprised of 105 operating properties containing approximately 17.2 million square feet.
The multi-billion dollar RXR was formed subsequent to the sale of Reckson Associates Realty Corp. (“Reckson”) to SL Green in January 2007, one of the largest public real estate management buyouts in REIT history. Mr. Rechler’s vision and leadership guided Reckson, where he served as Chief Executive Officer and Chairman of the Board during its years of dynamic growth throughout New York City, Long Island, New Jersey, Westchester and Connecticut, overseeing in excess of $6 billion in acquisitions and developments and managing over 20 million square feet of commercial property in New York’s Tri-State Area.
Mr. Rechler was at Reckson from 1989 until January 2007 and during his tenure served as President, Chief Executive Officer, and member of Reckson’s Board of Directors since its formation, as well as the Chairman of the Board’s Executive Committee. Mr. Rechler was the architect of Reckson’s successful IPO in 1995.
Mr. Rechler is a graduate of Clark University. He also earned a Masters of Science degree in Real Estate at the New York University Schack Institute.
The Port Authority of New York and New Jersey
Steve Coleman, 212 435-7777
The Port Authority of New York and New Jersey, which is self-sufficient and does not receive tax dollars from either state, operates many of the busiest and most important transportation links in the region. They include John F. Kennedy International, Newark Liberty International, LaGuardia, Stewart International and Teterboro airports; AirTrain JFK and AirTrain Newark; the George Washington Bridge and Bus Station; the Lincoln and Holland tunnels; the three bridges between Staten Island and New Jersey; the PATH (Port Authority Trans-Hudson) rapid-transit system; Port Newark; the Elizabeth-Port Authority Marine Terminal; the Howland Hook Marine Terminal on Staten Island; the Brooklyn Piers/Red Hook Container Terminal; the Port Authority-Port Jersey Marine Terminal and the Port Authority Bus Terminal in midtown Manhattan. The agency also owns the 16-acre World Trade Center site in Lower Manhattan.