RXR's "Project Kodak" Suffers Loss as Standard Motors Product Building Sells for 60% Discount in Long Island City
In RXR's portfolio overhaul, the outdated Kodak Film Lab tenant at the Standard Motors Product Building sells for a disappointing $42 million.
In a move that highlights RXR's efforts to modernize their portfolio, the real estate firm has sold the Standard Motors Product Building in Long Island City at a significant discount. The 300,000-square-foot office building, which was part of RXR's "Project Kodak" aimed at dividing their assets between outdated "film" properties and modern "digital" properties, has been purchased by Jack Guttman's Pearl Realty Management for $42 million.
The sale of the building, located at 37-18 Northern Boulevard, translates to just $140 per square foot, a far cry from the original purchase price. This comes as no surprise, as the building's tenant, the Kodak Film Lab, is a remnant of the past that does not fit into RXR's vision for the future.
Scott Rechler, RXR's CEO, has been vocal about the firm's plans to focus on modern, digital assets and divest from outdated properties. This sale is a clear indication of their commitment to this strategy.
"It's likely a disappointing result for Rechler," says a source close to the deal. "But it's a necessary step in their portfolio overhaul."
Originally reported by The Real Deal.
https://therealdeal.com/new-york/2025/09/25/rxr-sells-standard-motors-product-building-at-deep-discount/