Silver Creek Development acquires hotel in Battery Park City through $110M bankruptcy transaction

UPDATED 2:28 p.m., October 10, 2025: Arizona-based Silver Creek Development through the entity 2 West Street, LLC acquired through a $110 million bankruptcy transaction control of a hotel condominium unit at 2 West Street in Battery Park City, Manhattan. The expected use is cash flowing, with the new owners planning to re-opening a luxury hotel at the property, according to news reports. The sale was of a hotel condominium interest subject to a ground lease, with the fee owned by the Battery Park City Authority. The former owner was Urban Commons through the entity Urban Commons 2 West III LLC.
The deal closed on August 27, 2025 and was recorded on October 9, 2025. The property has 289,550 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $379 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

The Real Deal first reported the transaction last month. The Commercial Observer provided an in-depth analysis of the bankruptcy process.
The signatory representing the bankruptcy assets of Urban Commons was restructuring specialist Mark D. Podgainy . The signatory for Silver Creek Development was Pascal Carasso . The contract date was August 27, 2025. Taylor Woods and Howard Wu, the co-founders and co-owners of Urban Commons, placed the property in bankruptcy in 2022.

To finance the purchase, Silver Creek Development borrowed $64 million from investor Matt Ilbak of Florida-based IGP Business Group.

The bankruptcy transaction was managed by Adam Etra of Newmark and Greg Corbin and Chaya Milworn of Northgate Real Estate Group.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Silver Creek Development had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Urban Commons had not purchased any other properties and had not sold any properties over the same time period.

The property

The hotel condo in Battery Park City has 289,550 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 289,550 square feet. The city-designated market value for the property in 2022 is $87.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 11 of the 22 commercial properties representing 13,484,739 square feet of the 15,658,954 square feet. The largest owner is Brookfield Properties, followed by Goldman Sachs and then Lefrak.
On the tax block, there were three new building construction projects totaling 38,596 square feet. The largest is a 18,798 square-foot assembly (A-2) building submitted by Christopher Albanese|Russell Albanese|Christina Misiti-Eskritt and filed by Gwen Dawson with plans filed February 2, 2022 and permitted October 16, 2023. The second largest is a 18,798 square-foot assembly (A-2) building submitted by Clipper Equity and filed by Gwen Dawson with plans filed February 2, 2022 and permitted October 16, 2023.

The majority, or 69 percent of the 15.7 million square feet of built space are office buildings, with elevator buildings next occupying 27 percent of the space.
UPDATED with broker information and details of the transaction.

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