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RXR Realty in talks to market $1b post-pandemic fund
RXR Realty is seeking $1 billion for a new distressed real estate vehicle, reported Bloomberg.
RXR foresees demand for transit-linked suburban downtown areas and conversion of obsolete buildings including hotels and malls into multifamily, industrial or film-studio properties. The firm has forecast underperformance for office properties in 2021 and 2022, before a rebound begins in 2023.
The vehicle — similar to its predecessors — will primarily focus on New York City and its surroundings, and has identified potential office and multifamily wagers in Manhattan as well as residential developments in Long Island and Westchester. The fund also may make investments in other cities, including Boston and Washington, D.C.