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Court denies appeal against New York REIT's Worldwide Plaza deal

The Appellate Division of the New York State Supreme Court denied an appeal by RXR Realty of a court decision pertaining to New York REIT's acquisition of a stake in Worldwide Plaza in Manhattan, N.Y., according to a filing.

The trial court dismissed a suit in August 2014 that alleged that RXR Realty suffered "lost profits" in connection with the REIT's acquisition of a 48.9% stake in the office tower.

RXR Realty had been in contract for the stake but had not closed the acquisition before New York REIT agreed to purchase the interest.

Justice Shirley Kornreich dismissed all of RXR Realty's claims against the seller and dismissed the disgorgement claims against New York REIT, permitting only a limited claim against New York REIT for RXR Realty's cost of producing due diligence-related material to proceed.