Opportunities abound in commercial real estate despite a challenging interest rate and financing environment, according to one CEO — but "you have to look for the dislocation."

"The last three months, we've seen a significant pullback in liquidity — but that also creates opportunity," Scott Rechler, CEO and chairman of RXR Realty, told CNBC's 'Squawk on the Street' this week, noting that during COVID, RXR bought $2 billion worth of multifamily product in New York City at a time when people were fleeing the region.

"You look for dislocation," he said.  "Today we're lending to people who are buying high quality multifamily buildings but just can't get the financing they normally would get. It's the same in terms of investing in office buildings to bring them up to the positioning where they can compete….There are going to be opportunities, but you have to be strategic and focused on what will be competitive in the post COVID world."