Garvies Point Developer Completes $125M Bond Sale

The $125 million bond sale for Garvies Point in Glen Cove has been completed, real estate developer RXR Realty announced.

The bids for the bonds exceeded the total available amount by more than 500 percent. Bids came from some of the country's most sophisticated institutional investors, RXR says.

“The demand for the bonds was so great that the bonds themselves were five times oversubscribed,” Scott Rechler, chairman and chief executive officer of RXR Realty, said in a press release. “The success of their sale speaks volumes about the strength of this project and the confidence investors have that it will succeed.”

The proposed project looks to transform nearly 60 acres of Glen Cove’s waterfront into:

• 1,110 LEED-certified residential units
• 75,000 square-feet of shops and restaurants
• Approximately 28 acres of public open space and amenities
• On-site parking

“Restoring the waterfront to productive use for the community will bring a much needed economic boost to the Glen Cove community in the form of jobs, tax revenue to the City, and hundreds of millions in spending by new residents,” Rechler said.

Many residents are publicly against the construction of Garvies Point. Members of the community created groups, such as “Save the Glen Cove Waterfront” on Facebook to combat the construction plans. In 2015, the Village of Sea Cliff hit the City of Glen Cove with two lawsuits to prevent the $850 million waterfront project.

The City has been preparing for waterfront construction over the past few months. Captain’s Cove and the Garvies Point esplanade area became closed to the public in September to get ready for the construction and upcoming sale of the Garvies Point property.

RXR says Garvies Point is expected to:

• Generate hundreds of millions of dollars in economic activity, including gross revenues of more than $635 million.
• Bring an annual economic benefit of $50 million to the City.
• Earn $24 million annually in local spending by new residents.
• Create more than 460 direct and indirect jobs per year during the construction period and more than 540 permanent jobs.