Former Ritz-Carlton hotel in Battery Park City gets new owner
The Real Deal highlighted Herrick's successful representation of Silver Creek Development ("Silver Creek"), a real estate development and investment company, in a complex distressed real estate matter involving the Ritz-Carlton in Battery Park (now called The Wagner) in downtown Manhattan.
The hotel’s prior owners, Urban Commons and its principals, "amassed millions of dollars in debts, including to its lender, as well as owed on basic expenses such as electric bills. Silver Creek bought the loan in 2022 and sued Urban Commons after the firm allegedly defaulted on its $96 million loan."
In late August, the U.S. bankruptcy judge finally approved the sale of the hotel lease, confirmed the bankruptcy plan and approved a settlement between Silver Creek, Battery Park City Authority, the hotel union and condo board.
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