Why Did RXR Realty Get an Injunction Against Its (Former) Partner?

ICYMI yesterday, Crain’s New York Business reported that RXR Realty blocked the sale of One Worldwide Plaza on Monday.

A state court ordered the delay of the sale by a consortium of George Comfort & Sons, DRA Advisors, RCG Longview and Ramius Capital to merger-happy American Realty Capital.

RXR Realty agreed last June to acquire nearly 49% of the pioneering Midtown West building. The owners say RXR Realty couldn’t find the financing to close. RXR Realty told the court, successfully, that it was misled, and asked to enforce its right to buy the stake or get paid $200 million in damages.

Crain’s reports that the original $611 million included an option for RXR Realty to acquire the entire property later for $1.35 billion.

RXR Realty’s claims that potential partner American Realty Capital reviewed RXR Realty’s projections, and decided “it could pay $100 million more, or about $1.45 billion, for the tower,” reports Crain’s, “and started talks on the side with the owners of Worldwide Plaza.”

The item says that Stephen Meister, last seen trying to block the Empire State Building IPO, got the injunction for RXR Realty.

But there’s no RXR Realty sour grapes further east this week. It also announced yesterday some sweet news, for its portfolio: It’s ready to close on 21-story 237 Park Avenue. The partner at the Grand Central district property, between 45th and 46th Streets , is Chicago-based Walton Street Capital.

The seller is “an entity controlled by Lehman Brothers Holdings Inc.,” according to RXR Realty.

The happy partners will be remodeling, with a “$40 million, complete renovation to the lobby and 21-story atrium” and neighboring DePew Place, RXR Reality said in a press release. They note that they have hired Dan Shannon of the architectural firm of Moed de Armas and Shannon.

The RXR-Walton project projects 30,000 square feet of retail space on E. 45th St. and Lexington, with “a full-height glass curtain wall stretching around to E. 46th St.

The press release, available here, says that the partners have retained Jones Lang LaSalle to lease the 240,000 square feet of office space and Newmark Grubb Knight Frank to lease the retail space available at the property.

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