Jack Resnick and Sons, Inc. and its affiliates, and Fortis Property Group, LLC and its affiliates announced that they have entered into a settlement agreement concerning their litigation over the use of the “One Seaport” trademark.
The litigation is currently pending in the U.S. District Court for the Southern District of New York.
In 1984, Resnick built and continues to own ONE SEAPORT PLAZA a/k/a 199 Water Street, Manhattan, as a 35-story, 1.1 million square foot commercial tower.
In June 2015, Fortis began marketing and branding a 60-story residential condominium that is under construction at 161 Maiden Lane, Manhattan, as “One Seaport Residences.”
The two locations are one block apart, and neither Resnick nor Fortis is affiliated with the other or the other’s building.
Under the terms of settlement, Fortis has agreed to market its residential condominium project as “1 Seaport,” instead of “One Seaport.”
Following an agreed upon marketing period Fortis will discontinue all uses of “One Seaport” or “1 Seaport” in connection with its new building. The full terms of the settlement are confidential, but it will result in the dismissal of the case.
DLA Piper LLP is acting as Fortis’s legal advisor.
Fried, Frank, Harris, Shriver & Jacobson LLP is acting as Resnick’s legal advisor.