First Family of Real Estate on Long Island Going Different Ways
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While some may think that the divisions in the Rechler family over the direction of the real estate business they have built is a bad thing, I think it is a smart move. The Rechlers are one of the leading real estate holders in the Metro New York area, with a very strong concentration in Long Island. The business has been family run and run very well amassing a great fortune for the family.
Now, as the next generation gets older, splits in how the business needs to be run have come up, and they have decided to divide the assets to allow the different concepts to grow. Some people are trying to make this a huge squabble, but I think it is the opposite. If there is only 1 leader amongst the generation, it is an easy choice to keep going in the same direction.
However, if there are more than one leader in the generation, let these family businesses divide and give them the chance to find their own fortunes. The discord and division of trying to keep things together can cause more problems than a fake harmony ever would.
Under the parting of ways announced last week, Scott Rechler agreed to give up the use of both Reckson and the family name and sever business ties with Rechler Equity.
On Friday, Donald Rechler made clear that Rechler Equity, which until now has dealt exclusively in the family’s industrial portfolio of 6 million square feet of space on Long Island, also intends to compete head to head with Scott Rechler in office development, with the expiration of a three-year noncompete agreement signed when Rechler Equity was formed.
Donald Rechler said it was important for his nephew to relinquish the business use of the family name “for clarification,” because the business community has too often mixed up Scott’s dealings with those of his cousin and brother. via Newsday
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