The Real Deal New York

Millennium Partners to sell Battery Park Ritz-Carlton

September 24, 2013 05:16PM
By Katherine Clarke

Adam Spies and the Ritz Carlton

Adam Spies and the Ritz Carlton

Real estate investment company Millennium Partners, a developer of luxury mixed-use properties, is seeking a buyer for the 335,000-square foot Ritz-Carlton Hotel at 2 West Street on the southern tip of Battery Park City, The Real Deal has learned.

The 298-room property, which was built in 2001, is listed by a team from commercial brokerage Eastdil Secured. Neither Eastdil nor Millennium immediately responded to requests for comment. The property’s asking price was not available.

Vin Carrega, a commercial broker at Avison Young unconnected to the listing, told TRD that a hotel property in Lower Manhattan would likely command in excess of $700,000 per key, putting the price of the Ritz-Carlton at more than $200 million.

Prospective buyers could maintain the property as a hotel or convert to mixed or residential condominium use, according to an offering memo seen by The Real Deal. There are already 26 floors of residential condos atop the property, which are not included in the offering.

The hotel is currently operated by Ritz-Carlton Hotels. However, the management agreement with Ritz-Carlton could be terminated upon the sale of the building, according to the memo.

The property features a 121-seat restaurant named 2West, 13,000 square feet of meeting space, two ballrooms and a fitness center and spa.

Millennium unloaded its stake in another Ritz-Carlton hotel property at 50 Central Park South in 2012 to Westbrook Partners for $105 million.

The Eastdil brokers marketing the Battery Park site include Adam Spies, Adam Etra, Mark Schoenholtz, Lawrence Wolfe and Daniel O’Brien.

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