“We see that cities with young professionals with high incomes will survive in the long, term given the economic trends. The chairman picked Boston, Denver, Seattle, New York’s metropolitan area, Phoenix, Austin, and Miami and Orlando in Florida as promising areas in the US. The transaction was reportedly valued at roughly $800 million while the pre-pandemic valuation was at around $1 billion.įocusing on the megatrends, RXR is investing in areas with high-quality medical and educational facilities, good infrastructure and a stable job market. In February of this year, it acquired a 42% stake in two luxurious residential buildings in New York City, 555TEN and EVGB, from US real estate developer Extell Development. RXR Realty has been actively investing in multifamily housing developments since last year. While housing demand has increased over the past decade as millennials marry and have children, supply has not met the needs, and this supply-demand imbalance will last for at least another 10 years, he added. The chairman pointed out that many young people are looking for high-end multifamily residential housing these days since single-family property prices have soared in the pandemic. Rechler particularly focuses on high-end multifamily housing, targeted to younger professionals with high incomes and desirable educational backgrounds. This polarization, as a real estate market trend, will last for more than 10 years,” he said during the Nov. In detail, the three sectors are in very high demand while some other sectors are in low demand.

'The paradigm for the real estate market has shifted since the outbreak of the pandemic. Chairman and Chief Executive Officer Scott Rechler said in an interview with Market Insight, the capital news outlet of The Korea Economic Daily.

Now it is time to invest in e-commerce, healthcare and multifamily housing, or the so-called three megatrends, which have increased in demand during the COVID-19 era, New York-headquartered real estate manager RXR Realty Inc. RXR　Realty　chairman　and　CEO　Scott　Rechler

Global cities inc president