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Reckson Reports Gains from Rent Increases and Receipt of Title to 919 Third Ave.

NEW YORK CITY-Scott Rechler and Michael Maturo of Reckson Associates Realty Corp. fielded questions yesterday on a live conference call and made several announcements late yesterday afternoon.

By Amy Vaughn | Updated on November 03, 2000

NEW YORK CITY-Late yesterday afternoon, Reckson Associates Realty Corp.’s president and co-CEO Scott Rechler and CFO, treasurer and executive vice president Michael Maturo together announced increased gains for the third quarter in a special live conference call. They also announced that earlier in the day Reckson had officially received the title to 919 Third Ave. Fielding questions from participants, the two also explained how the company profited from lapsing leases and rent hikes.

Scott Rechler said early in the 45-minute long call that much of the gains were due to the expiration of many leases in its portfolio. Reckson was able to exercise its right not to renew and significantly increase rent. This fueled some of the company’s third quarter success.

“The New York market continues to be on fire,” said Rechler. “I don’t think anyone could have predicted it.” Rechler and Maturo said most of its leases were renting below market value and they realized that if “actually brought to market,” this would dramatically reshape the company’s financial situation.

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