Business Description:
Reckson New York Property Trust (RNY) holds a 75% interest in the US LLC which will own a portfolio of 24 office properties located in the New York Tri-State area. Affiliates of RXR Realty LLC have retained a 25% interest in the portfolio and also act as the Responsible Entity of the Trust, perform the necessary asset and property management services in the US, as well as sourcing and analysing new growth opportunities for the Trust.

Strategy Analysis:
RNY´s primary strategy is to invest in commercial office property in the New York Tri-State area in the United States. It focuses on extensive local relationships, in-depth market knowledge, concentrated scale of high quality properties, active community involvement, reputation for its commitment to excellence and long-term approach. The Company is allocating capital programs towards buildings with lower occupancy levels, and where it can recognize cost savings by modernising mechanical systems. With high barriers to entry, a limited supply of land and long processes for construction and development, the New York Tri-State area markets remain supply constrained and the Company believes in the long term embedded value of the Portfolio.