Tribeca Associates and its partners are embroiled in a legal battle with landlord Trinity Real Estate to prevent Trinity from foreclosing on 330 Hudson Street, a warehouse conversion intended to include office space and a hotel. Tribeca Associates asked in January to change the terms of the 99-year lease, under which Trinity was supposed to create a hotel, to delay construction because of the financial crisis. Trinity said that Tribeca had already defaulted on some of the lease terms and wasn’t entitled to lease modifications. The case is now in court and, if it isn’t settled, may go to trial in summer 2010. Tribeca Associates said in court papers that Trinity’s insistence on building the hotel is exacerbating the development’s problems, because the hotel market is unlikely to pick up as quickly as the office market.
Tribeca, Trinity in court battle over 330 Hudson Street
August 24, 2009 09:24AM