RXR Realty sues development partner Renaissance Downtowns, potentially upending 2 major projects

TRD New York /
Sep.September 10, 2018 03:57 PM

The future of two major revitalization projects— one in the village of Hempstead and one in Huntington — became unclear when RXR Realty sued its development partner Renaissance Downtowns for $9 million. RXR said that “in light of irreconcilable differences between RXR and Renaissance, the projects will not be going forward and will not be completed,” Newsday reported. The suit added that “RXR does not trust Renaissance, and can no longer do business with Renaissance.” The firms had been working as a single entity, RDRXR LLC, on the two projects. The suit alleges that Renaissance spent more than $3.1 million in the joint firm’s funds without RXR knowing, paying for a “misguided political strategy in last year’s mayoral race in the village of Hempstead.” Renaissance has entered into arbitration with a neutral third party, according their attorney Sean McAloon of Rivkin Radler. [Newsday]


Related Articles

arrow_forward_ios
In the Hamptons, the median sales price hit $1,080,000, up 9 percent over the first quarter (iStock)

Home prices set new records as inventory falls across Long Island

Home prices set new records as inventory falls across Long Island
Clockwise from top left: Deirdre O'Connell of Sotheby's International Realty, Paul Breunich of Sotheby's International Realty, and Heather Harrison of Compass

Tri-State brokers are busier than ever as buyers warm to suburban living

Tri-State brokers are busier than ever as buyers warm to suburban living
The New York State Senate subpoenaed several top names in real estate

Elliman, RE/MAX, Keller Williams subpoenaed in discrimination probe

Elliman, RE/MAX, Keller Williams subpoenaed in discrimination probe
Compass' Rory Golod and Long Island’s North Shore (Credit: Long Island)

Compass sets sights on Long Island’s North Shore

Compass sets sights on Long Island’s North Shore
Governor Andrew Cuomo (Credit: Getty Images)

Cuomo announces new state rules following Newsday’s discrimination exposé

Cuomo announces new state rules following Newsday’s discrimination exposé
How healthcare is saving Long Island’s office & retail markets

How healthcare is saving Long Island’s office & retail markets

How healthcare is saving Long Island’s office & retail markets
The bombshell probe also found that minorities had to meet more stringent financial qualifications than white buyers. (Credit: iStock)

LI agents routinely discriminate against minority buyers, probe finds

LI agents routinely discriminate against minority buyers, probe finds
Islanders expect to break ground on Belmont arena project this summer, late composer’s Sands Point estate has another price cut & more Long Island real estate news

Islanders expect to break ground on Belmont arena project this summer, late composer’s Sands Point estate has another price cut & more Long Island real estate news

Islanders expect to break ground on Belmont arena project this summer, late composer’s Sands Point estate has another price cut & more Long Island real estate news
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...