RXR Realty has closed on the $15 million purchase of a 56-acre site in Glen Cove, N.Y. The land will ultimately house the company’s Garvies Point development, a $1 billion mixed-use project meant to revitalize the Glen Cove. The project will be built along the shores of Hempstead Harbor in Glen Cove, and is expected to include 1,110 LEED-certified residential units; 75,000 sqf of retail and restaurant space; 28 acres of public open spaces, 2,381 on-site parking spaces and three separate marinas with a total of 120 slips. The first phase of the project will include 28 acres of waterfront parks and esplanades, restored wetlands and an educational ecology pier. It’s to be completed over the course of 24 months.
“The closing on the purchase of this site is a tremendous milestone on the path to reclaiming Glen Cove’s waterfront,” RXR CEO Scott Rechler said in a written statement. “This is an opportunity to build a brighter future for generations of Glen Cove residents to come. We are grateful to Mayor Spinello and the City of Glen Cove for entrusting us with the stewardship of this incredible waterfront, and look forward to delivering on the promise of Garvies Point in the months ahead.”
