Cousins set their sights on new opportunities.R Squared LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control is the new real estate investment firm formed by cousins Mitchell and Gregg Rechler, who over their 20-year careers at Reckson Associates have directed the management, acquisition, development and disposition of over 25 million square feet of commercial space throughout the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Tri-State region For other tri-state regions, see . The Tri-State Region is commonly used in the area surrounding New York City to unambiguously refer to the greater metropolitan area. Sometimes the phrase is shortened to "the Tri-State," or "the Tri-State Area" is used instead. . "Mitchell and I are extremely proud of the organization and the portfolio we built at Reckson Associates over the last 20 years, and especially in the last eight years, since the company went public," said Gregg Rechler, noting the REITs growth in value from $265 million and 65 people in 1995 to $3.1 billion and 310 people in 2003. "We are excited about our return to the private sector, forming R Squared LLC and continuing to pursue real estate investments throughout the New York Tri-State area There are a number of places in the United States known as tri-state areas where three states or holdings meet at one point (a tripoint), or in proximity to each other. The two most well-known are for the New York and Chicago metropolitan areas. ." Under the R Squared LLC banner, the duo is currently investing in retail, residential, storage, commercial loft, hotel and industrial properties located in the New York Metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. , and boasts over seven million square feet under management, including one million square feet of development and redevelopment projects underway. R Squared is the co-managing member of Rechler Equity Partners, which owns and operates six million square feet of industrial properties on Long Island. Rechler Equity Partners, a company formed and directed by Donald, Roger, Mitchell and Gregg Rechler, acquired the Long Island industrial portfolio of Reckson Associates Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Corp. (RA:NYSE NYSE See: New York Stock Exchange ) last year in a $315 million transaction. The portfolio is comprised of 95 properties throughout Long Island, including the first properties developed by the Rechler family. R Squared LLC, Mitchell and Gregg's new venture, is already recognized for its ability to create tremendous value by utilizing the planning, development, marketing, leasing and capital markets expertise of its principals. Most recently, R Squared LLC, in partnership with EDGE Partners, completed one of the most successful out-of-the-ground developments in Westchester County: The Source at White Plains. Fortunoff anchors this $96 million development, and shares its location with Whole Foods Market, the Cheesecake Factory and Morton's Steakhouse restaurants. "We are very pleased at the enthusiastic response we have received from both retailers and shoppers at The Source at White Plains," said Mitchell Rechler. "Combined with the recent opening of several new luxury rental buildings, the swirl lease-up of The Source is great news for the future of downtown White Plains and a good start for our new venture." In addition to The Source at White Plains, R Squared LLC is developing in a new 360,000 s/f retail center on Long Island and the on-going management and revitalization re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. of Deegan Gateway in The Bronx, a 432,000 s/f commercial loft building. Located in both the NY Empowerment Zone and a NY State Economic Development Zone, Deegan Gateway is one of the largest commercial buildings in The Bronx, situated at the southern end of the former Bronx Terminal Market site near Yankee Stadium • • [ in an area primed for major redevelopment in the years ahead. After Gregg and Mitchell left publicly traded Reckson Associates Realty last fall, they set up shop at 555 Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. in Manhattan to begin exploring new investment and development opportunities throughout the New York metropolitan region. To that end, R Squared LLC recently signed a contract to buy a downtown development site, where it plans to build a luxury residential property, and negotiations are ongoing for two other similar sites. Gregg and Mitchell Rechler are eager to do projects that aren't considered prudent for public companies--which is why they left Reckson, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Mitchell. He said, "The public markets want to put you in a box in order to define what type of real estate you operate. "As a private company we have the flexibility to be more creative and entrepreneurial by investing in many different sectors." |
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