Novartis campus owner sues business associates in White Plains

April 24, 2019 03:37PM

The backer of an entity that acquired the vacant Novartis campus in Rockland County has slapped his business associates with a $100 million lawsuit in a federal bankruptcy court in White Plains, the Daily Voice Plus reported. RS Old Mill LLC sued Bridgewater Capital Partners, Suffern Partners, CPIF Lending and several affiliates claiming they “masterminded the sequence of events intended to circumvent the authority of [the federal bankruptcy court] and divest [RS Old Mill] of its sole asset,” according to the outlet. RS Old Mill bought the 162-acre property in Suffern from Novartis for $18 million in 2017, only to flip it for $30 million to Bridgewater affiliate Suffern Partners. Brooklyn’s Yehuda Salamon, who controls RS Old Mill, filed for Chapter 11 protection because he was afraid the deal would fall through after Novartis wouldn’t let them conduct a “due diligence environmental investigation” at the site. Lawyers for the defendants didn’t immediately return the outlet’s requests for comment. [DVP]