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
Compass' Rory Golod and Long Island’s North Shore (Credit: Long Island)

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

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, undercover 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

First hotel in decades could come to Babylon, waterfront Centre Island property gets $3M price cut & more Long Island real estate news

First hotel in decades could come to Babylon, waterfront Centre Island property gets $3M price cut & more Long Island real estate news

Nation’s first affordable housing development for LGBT seniors to open in Bay Shore, West Islip home with helipad hits the market & more Long Island real estate news

Nation’s first affordable housing development for LGBT seniors to open in Bay Shore, West Islip home with helipad hits the market & more Long Island real estate news

Jerry Wolkoff wants a new industrial building in Edgewood, former newspaper mogul’s Gold Coast mansion seeks $13M & more Long Island real estate news

Jerry Wolkoff wants a new industrial building in Edgewood, former newspaper mogul’s Gold Coast mansion seeks $13M & more Long Island real estate news

arrow_forward_ios
Loading...