NEW YORK CITY—Gaining RXR Realty as a joint venture partner,developer Youngwoo & Associates—the company that won the rightto redevelop Pier 57 into a retail and events hub along 12thavenue—has reached a deal to build more of the complex asoffice space, according to Crain's New York Business. RXRplans to convert 200,000 to 300,000 square feet of the pier spaceto office use, allowing it to jump on the increased interest in thearea on the part of tenants.
"Being right out on the Hudson River, it is among the mostunique spaces in the city and exactly the kind of environment, withopen layouts, high ceilings, amenities and public space, wheretenants want to be," says Scott Rechler, RXR's chief executive.
Rechler's interest in the pier stems in part from his successwith the Starrett-Lehigh Building, a nearby 2.3 million-square-footoffice building that RXR purchased in 2011 for nearly $1billion.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
