NEW YORK CITY—New York REIT has received afavorable ruling in a suit initiated against it by RXRRealty. RXR alleged that it suffered “lost profits" inconnection with NYRT's purchase of Worldwide Plaza lastOctober.
NYRT has purchased an 48.9% equity interest in the property for$220 million. The seller, WWP Sponsor—which iscontrolled by a joint venture consisting of GeorgeComfort & Sons, RCG Longview,and DRA Advisors—retained the remaining 51.1%equity interest.
RXR had been in contract to purchase a 48.9% stake in WorldwidePlaza from WWP in 2013 but had not closed theacquisition. NYRT then agreed to purchase such interest inWorldwide Plaza, and RXR immediately sued to enjoin the sale. Atthe time, the asset is 91% leased to a number of large credittenants, including Nomura HoldingAmerica and Cravath,Swaine & Moore.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
