RXR Realty saw a silver lining today when the court ordered a delay in the $1.35 billion sale of One Worldwide Plaza to its rival American Realty Advisors.
RXR had planned to pay $605 million for a 40 percent stake in the 1.8 million-square-foot, 59-story Midtown building, partly owned by investment firm George Comfort & Sons. RXR was working with American Realty as a joint investor, until American Realty talked directly to George Comfort about going solo on the purchase, as previously reported. George Comfort made a deal with American Realty instead, prompting RXR to file a lawsuit earlier this month.
After the court order, the property’s owners — which also include DRA Advisors, RCG Longview and Ramius Capital – agreed to hold off on the planned sale until Wednesday, when the New York State Supreme Court will decide whether to delay it further, Crain’s reported. [Crain's] — Mark Maurer