Westbrook is lending $96M on the Downtown hotel it just sold

LA firm Urban Commons bought The Wagner hotel for $147 million earlier this week

New York /
Oct.October 05, 2018 04:45 PM

2-10 West Street

Westbrook Partners is switching roles at the Wagner at the Battery, a hotel in Lower Manhattan.

The firm originated a $96 million mortgage for the hotel portion of 2-10 West Street, according to records filed with the city on Friday. The property is a 36-story tower across from Battery Park City. The hotel portion, which covers the bottom 12 floors of the building, contains 298 rooms. The upper floors, meanwhile, contain 120 condo units.

Westbrook, which owned the property in partnership with Millennium Partners, sold the hotel to Los Angeles firm Urban Commons earlier this week for $147.3 million.

Westbrook and Millennium Partners sold their stake in the hotel after being sued by the building’s condo residents. The dispute stems from the rebranding of the hotel, which was previously a Ritz Carlton. The hotel now operates under the Leading Hotels of the World brand. Residents sued over the name change, claiming that they promised proximity to a five-star hotel. In its response in court, the owners disparaged the lawsuit, dismissing it as due to “the petulance of multi-millionaire residents.”

The Wagner appears to be Urban Commons’ first acquisition in New York City. The firm, headed by Taylor Woods and Howard Wu, has a portfolio that includes the Ramada Hialeah Airport Hotel in Miami and the Renaissance Hotel in Denver, according to its website.

Urban Commons and Westbrook did not immediately respond to requests for comment.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
(iStock/Illustration by Kevin Rebong for The Real Deal)
These are real estate executives’ worst worries for 2021
These are real estate executives’ worst worries for 2021
15 West 47th Street, 48 West 48th Street and 151 West 46th Street (Google Maps, Getty)
Here’s what tenants are paying at ELO’s Diamond District properties
Here’s what tenants are paying at ELO’s Diamond District properties
Steve Witkoff and Ian Schrager in front of the iconic PUBLIC hotel escalators. (PUBLIC, Getty)
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
Best Buy has closed about 20 of its big-box stores in each of the past two years (iStock)
Best Buy lays off 5,000 staffers, increases store closures
Best Buy lays off 5,000 staffers, increases store closures
Ryan Serhant and Gary Barnett on Development Slowdown in Pandemic
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Cushman & Wakefield CEO Brett White
Cushman reports 10% drop in revenue in 2020
Cushman reports 10% drop in revenue in 2020
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...