NEW YORK--(BUSINESS WIRE)--
RXR Realty (“RXR”), a leading real estate operating and investment company in the New York Tri-State area, today announced the hiring of Seth Pinsky, president of the New York City Economic Development Corporation (NYCEDC), to lead a major RXR initiative to invest in emerging New York metropolitan area markets and contribute to the expansion of the region’s economy.
Scott Rechler, Chairman and CEO of RXR Realty, said Pinsky will serve as an Executive Vice President of RXR and as Investment Manager of the newly created RXR Metropolitan Emerging Market Strategy. RXR will allocate substantial capital for investment in New York City and surrounding Tri-State markets that have access to infrastructure and transit and offer opportunities for growth.
Rechler said, “The goal is to identify areas and submarkets that have strong long-term potential but have suffered from a lack of private investment and apply RXR’s real estate expertise and capital, combined with Seth’s vast experience in economic development, to identify and invest in these opportunities throughout the region.”
RXR expects these investments to provide strong risk-adjusted returns, as well as strengthen the regional economy, by reviving underserved neighborhoods and stimulating significant economic development that attracts new industries to the region, creates attractive employment opportunities for area residents and increases the region’s competitive position nationally and internationally.
The initiative will seek to invest in:
- Centers of Innovation – Areas that will nurture the growth of innovative industry sectors such as bioscience, medical/healthcare technology, high-tech startups and general research and development.
- Main Street Revitalization – Areas that have underperformed for a period of time, but have attractive core attributes such as solid transportation and other infrastructure, close proximity to regional engines of economic activity and nearby population density.
- Transitioning & Emerging Sectors – Asset-classes, use-types or geographic areas characterized by a generally static competitive environment, or experiencing a consensus-driven sell-off, but with compelling fundamentals.
“The venture will have an investment mandate to make both investments with attractive returns as well as investments in submarkets or sectors that have the potential to spark economic development, but have had a difficult time attracting private capital,” said Michael Maturo, RXR’s President, who will work closely with Pinsky in developing and executing the strategy of the venture.
“Seth is uniquely qualified to lead this effort,” said Rechler. “In his years leading the New York City Economic Development Corporation he has spent significant time understanding trends, exploring opportunities and gaining in-depth knowledge of New York City and tri-state markets. It is a major coup that we were able to attract him to join RXR.”
“It is a great privilege to be asked to join the RXR team,” said Pinsky. “Scott, Mike and everyone at RXR are proven leaders in the real estate industry with an incredible record of success. Though it is bittersweet to be leaving public service and the Bloomberg Administration, I am thrilled to be going to RXR to marry the firm’s expertise with the opportunities that exist throughout the area to do right not just by investors, but also by the citizens of the metropolitan region, including the traditionally disadvantaged.”
"Seth has been an incredibly dedicated, hard-working and successful public servant," said Mayor Michael R. Bloomberg. "He’s played a major role in so many of the major economic development projects we’ve launched – from our Applied Sciences initiative, to Willets Point, to Coney Island, to the Kingsbridge Armory, to the Special Initiative for Rebuilding and Resiliency – and many others. His work on these projects will benefit the city for generations to come, and his leadership is one of the main reasons our city's economy has never been stronger. RXR is lucky to have someone of Seth's caliber, and I wish him luck in his future endeavors."
Pinsky, 41, was appointed president of the NYCEDC in 2008 by Mayor Michael Bloomberg, having joined the agency in 2003 as a vice president. During his tenure, NYCEDC became an international leader in the field of economic development, focusing both on transforming the city’s underlying economy and investing in its critical infrastructure.
Among the initiatives advanced by NYCEDC under Pinsky’s leadership were the redevelopment of Willets Point in Queens, Coney Island in Brooklyn, the Homeport in Staten Island, and the Kingsbridge Armory in the Bronx, as well as the creation of a major new bioscience research park on City-owned land, north of Bellevue Hospital. Under Pinsky, NYCEDC also managed the construction of the first two phases of the High Line in Manhattan, launched the new East River Ferry service connecting Brooklyn, Queens and Manhattan and is advancing plans for the world’s largest observation wheel in St. George in Staten Island.
In the area of economic modernization, under Pinsky, NYCEDC created the Center for Economic Transformation (CET), which, in addition to launching a network of business incubators across the City that today house more than 600 companies, developed and oversaw the Bloomberg Administration’s international Applied Sciences NYC competition. The Applied Sciences competition will result in a significant expansion of Columbia University’s engineering school, as well as the creation of a new engineering institute in Downtown Brooklyn led by NYU that will include CUNY, Carnegie Mellon University and others. It will also result in the creation of a $2 billion engineering campus on Roosevelt Island, being developed by Cornell University and the Technion-Israel Institute of Technology.
Most recently, Pinsky served as Director of Mayor Bloomberg’s Special Initiative for Rebuilding and Resiliency, which developed a $20 billion plan to help neighborhoods stricken by Hurricane Sandy to rebuild smarter and stronger and to protect critical citywide systems and infrastructure from the likely impacts of climate change in coming decades. While at NYCEDC, Pinsky served as a lead negotiator on behalf of New York City for projects ranging from Yankee Stadium and Citifield, to the World Trade Center, to the acquisition of Hunters Point South in Queens, the largest middle-income housing development in the City since Starrett City.
Prior to joining the NYCEDC, Pinsky was an associate at the law firm of Cleary Gottlieb, Steen & Hamilton in the Real Estate practice and a financial analyst at James D. Wolfensohn Inc. He is a graduate of Columbia College, where he majored in Ancient History, and of Harvard Law School.
Pinsky will leave NYCEDC in early August and start at RXR in September.
About RXR Realty
RXR Realty LLC (“RXR”) is a vertically integrated, private real estate company with expertise in investment management, property management, development, design, construction, leasing and financing. RXR’s core growth strategy is focused on New York City and the surrounding tri-state area markets. RXR Realty is one of the largest owners, managers, and developers in the Tri-State Area with interests in approximately $7.6 billion of assets, comprised of 108 operating properties containing approximately 22.0 million square feet. For more information about RXR, visit www.rxrrealty.com.
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