Airbnb, RXR Realty Rockefeller Center Deal Called Off: Business Travel News

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One year after Airbnb and RXR Realty announced a partnership to develop 200 units on 10 floors at 75 Rockefeller Plaza in Manhattan into luxury apartment-style accommodations, the deal has been canceled, confirmed an RXR Realty spokesperson. The decision was a mutual agreement made by both parties, they said.

When the original deal was announced in April 2019, there also was discussion of a joint project set for 47 Hall St. across from the Brooklyn Navy Yard, but no deal ever was finalized for that development. 

RXR Realty also is tied to the apartment-style startup arena, with investments in The Guild and Lyric, which in March reduced its staff by 20 percent and was set to close about 30 percent of its locations. The RXR spokesperson could not comment on the status of either partnership. According to Business Insider, which broke the story, RXR will maintain the Rockefeller Center space for office use.

The apartment-style accommodation space generally has been hit hard by the coronavirus pandemic. Airbnb, which has been planning an IPO this year, had its valuation nearly halved since the beginning of the year, yet it recently raised another $2 billion in funding. Earlier this month, Stay Alfred suspended operations through July, furloughed some employees and will reduce its national footprint. Additional companies have also struggled with layoffs and reduced locations. 

However, apartment-style accommodation company Frontdesk on Tuesday announced it has secured $6.8 million in Series A funding.

RELATED: Airbnb Heads to Rockefeller Center and Marriott Launches Homesharing Division

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