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

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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]

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