What’s in a name?: Brokers are taking wait-and-see approach 阿拉爱上海同城 to selling units at a former Ritz-Carl上海千花网龙凤论坛 ton A legal battle is unfolding between residents at 10 West Street and owner Westbrook over the name change
Perched at the southern tip of Manhattan, the Wagner at the Battery offers unobstructed panoramas of the city and New York Harbor.
While the views haven’t changed, the name has. And for residents who live above the former Ritz-Carlton hotel, the panorama isn’t enough.
Shortly before the Ritz-Carlton sign was removed from the building, the residential board filed a suit against owner Westbrook Partners over the name change. And as the legal battle ensues, brokers selling condominium units at the property say the new moniker spells uncertainty for the value of the residences. (The suit comes a week after Westbrook landed a $280 million loan to refinance the Ritz-Carlton at 50 Central Park South, ahead of a planned renovation next year.)
Since opening in 2001, the building — which has 120 condo units and nearly 300 hotel rooms in its 12-story base — was managed by Ritz-Carlton, and branded as such. Millennium Partners sold its interest in the hotel to Westbrook in 2013, and it wasn’t long until the new owner floated plans to shutter the hotel.
The following year, Westbrook sent a letter to the Battery Park City Authority stating its intention to convert the property’s lower 12 floors into more residences, according to documents viewed by The Real Deal. The plans never came to fruition, and now, the residential board is claiming that the firm wants to run the hotel portion of the property “into the ground” to justify a conversion.
“Westbrook is trying to undermine the vitality of the hotel,” said Michael Hiller, an attorney representing the board. “We believe they would rather flip a 100 residences.”
In a response to the lawsuit, filed last week in New York Supreme Court, Westbrook claimed that under years of Ritz-Carlton management, the hotel suffered “millions of dollars” 上海夜网论坛 in losses, according to an affidavit filed by its managing principal of hospitality investments, Matt Kenney.
Janice Mac Avoy, an attorney with Fried Frank who is representing Westbrook, said that it was no longer the company’s intention to convert the hotel to residences and the 2014 memo had been “mischaracterized,” but would not elaborate on how. She also declined to specify how much money the hotel lost under Ritz-Carlton’s management.
Furthermore, residents are claiming that under the new name — taken from the adjacent Wagner Park — the hotel is no longer being run as a “nationally-recognized brand, flag or franchise” as specified in the ground lease.
Mac Avoy said that under Westbrook’s new branding company, Leading Hotels of the World, which also does marketing for The Lowell and The Knickerbocker in New York, the conditions of the lease are being met. She added that Highgate Hotels, which manages the Park Central Hotel, will take over the hote[……]Learn More →