Donald M. Pepe, Howard D. Bader, and Team Successfully Advise Hotel Management Company in Complex Acquisition of Former Andaz Wall Street Hotel in NYC
New York, NY – February 15, 2022 – Scarinci Hollenbeck represented Blue Sky Hospitality Solutions Management Co. (Blue Sky Hospitality) in the $84 million acquisition and financing of the former Andaz Wall Street Hotel. This transaction saw the extravagant Financial District hotel rebranded as the Hyatt Centric Wall Street. Partner & Chair of the firm’s commercial real estate group Donald M. Pepe and NYC Managing Partner Howard D. Bader led the team that represented Blue Sky Hospitality.
“We are proud to have represented Blue Sky Hospitality in this transaction,” stated Mr. Pepe. “It was a complicated deal with a short fuse involving not only our real estate group, but also our corporate transaction group, commercial lending team, tax, and labor groups. It is something I could not have done without such a stellar team of lawyers behind me,” he continued.
Background of the Acquisition
Navika Group of Companies purchased the hotel portion of the property from Hakimian Organization for $84.7 million. The complex acquisition required:
amendments to the building’s condominium documents to ensure the new owner’s autonomy;
a franchise agreement with Hyatt Hotels Corporation;
corporate governance and investment documents for the new owner entity;
settlement of a labor dispute with the local hotel workers union;
significant ERISA issues related to unfunded pension liability;
local tax issues;
navigation of a pandemic-related severance law;
clearing liens and code violations;
negation of an interim liquor operations management agreement and the transfer of a liquor license
“The support we received from Don, Howard, and their team was second-to-none. We appreciate their responsiveness, attention to detail, and innovation,” shared Naveen Shah, CEO of Blue Sky Hospitality.
Blue Sky Hospitality assumed management of the new hotel, which reopened its doors on January 26, 2022, after being closed since March of last year.
Results may vary depending on your particular facts and legal circumstances
About Scarinci Hollenbeck’s NYC Commercial Real Estate Practice
Scarinci Hollenbeck’s NYC commercial real estate practice group routinely represents public, private, and institutional clients, assisting them in every aspect of the acquisition, development, financing, construction, and utilization of real property assets. Our real estate attorneys work closely with our environmental attorneys, who are recognized for securing development rights for some of the largest office, retail, industrial, and multi-family development and redevelopment projects in the region.
With a growing practice of more than 60 highly experienced attorneys, Scarinci Hollenbeck is a regional alternative to the National 250 law firms. We serve the niche practice areas most often required by the owners and leaders of corporations. We offer a full range of services and have developed our business law practice with the expertise and specialization necessary to serve our clients as they adapt to the shifting economic landscape.
More information on our firm’s expertise and range of practice can be found on our website: www.sh-law.com.
Commercial real estate trends in 2026 are being shaped by shifting economic conditions, technological innovation, and evolving tenant demands. As the market adjusts to changing interest rates, capital flows, and workplace models, investors, owners, tenants, and developers must understand how these trends are influencing opportunities and risk in the year ahead. Overall Outlook for Commercial […]
One Big Beautiful Bill: New Tip Income Tax Rules Employers & Workers Need to Know
Part 2 – Tips Excluded from Income Certain employees and independent contractors may be eligible to deduct tips from their income for tax years 2025 through 2028 under provisions included in the One Big Beautiful Bill. The deduction is capped at $25,000 per year and begins to phase out at $150,000 of modified adjusted gross […]
One Big Beautiful Bill: New Overtime Tax Rules Employers and Employees Need to Know
Part 1 – Overtime Pay and Income Tax Treatment Overview This Firm Insights post summarizes one provision of the “One Big Beautiful Bill” related to the tax treatment of overtime compensation and related employer wage reporting obligations. Overtime Pay and Employee Tax Treatment The Fair Labor Standards Act (FLSA) generally requires that overtime be paid […]
New York’s FAIR Business Practices Act: What the New Consumer Protection Measure Means for Your Business
In 2025, New York enacted one of the most consequential updates to its consumer protection framework in decades. The Fostering Affordability and Integrity through Reasonable Business Practices Act (FAIR Act) significantly expands the scope and strength of New York’s long-standing consumer protection statute, General Business Law § 349, and alters the compliance landscape for New York […]
How to Reduce Legal Risk as Your New Jersey Business Grows in 2026
For many New Jersey businesses, growth is a primary objective for the New Year. However, it is important to recognize that growth involves both opportunity and risk. For example, business expansion often results in complex contracts, an increased workforce, new regulatory requirements, and heightened exposure to disputes. Without proactive planning, even routine growth can lead […]
Crypto Investor Protection: SEC and CFTC Enforcement Trends
Crypto investor protection continues to evolve, with the SEC and CFTC investing resources and coordinating more closely to uphold regulatory standards. Whether you’re a retail investor, an institutional trader, or part of a crypto startup, understanding enforcement trends is essential for navigating this dynamic and high-stakes regulatory environment. Crypto Is No Longer the Wild West […]
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!
