Urban Commons 2 West files Chapter 11 bankruptcy in New York

By Sarah Lizee

Olympia, Wash., Nov. 16 – Urban Commons 2 West LLC and four affiliates, which own a hotel located at 2 West Street, New York, filed Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York on Tuesday.

The company has asked the court for more time to file financial schedules.

Urban said that because of many factors, including the consolidated nature of the debtors’ financial affairs and the complexity of the debt and capital structures, the debtors don’t expect to be able to file completed statement of financial affairs and the schedule of assets and liabilities within the requisite 14 days.

The debtor said it hopes to file these documents by Dec. 15.

In the petition, the debtors listed $100 million to $500 million in assets and $100 million to $500 million in liabilities.

The largest unsecured creditors are Battery Park City Authority, based in New York, with a $13.74 million disputed landlord claim, Ichigo, Inc., based in Tokyo, with a $5 million bondholder claim, New York Hotel & Motel Trades Council, based in New York, with a $2 million claim, and Highgate Hotels, LP, based in New York, with a $1.8 million claim.

Urban Commons is a Corona Del Mar, Calif.-based company that modernizes underperforming hotels. The company filed Chapter 11 bankruptcy under case number 22-11509.

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