Scott Rechler made it to the other side of the downturn. At what cost?  

When the one-two punch of Covid and higher interest rates cratered the country’s office market, Scott Rechler was more candid about the seismic problems than most large New York City landlords.  In 2023, the 58-year-old CEO publicized that RXR, his commercial property firm, had embarked on an initiative called “Project Kodak” that would separate the viable “digital” office buildings in its mega-portfolio from the film-like properties that were now suddenly obsolete.  Three years later, that clean and simple-sounding strategy has given way to a more complex — and messy — reality.  In recent weeks, the Helmsley Building, a 35-story office […]

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