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New York

Gemini sheds third hotel for $60M in bankruptcy auction

Fortuna Realty Group beat out Bridgeton Holdings' $57 million bid

<em>Wyndham Garden (inset: William Obeid)</em>
Wyndham Garden (inset: William Obeid)

Gemini Real Estate Advisors sold yet another hotel for $60 million, even as the company’s owners duke it out in court over the sale of its properties.

The company auctioned off the 124-key Wyndham Garden at 37 West 24th Street for $60 million, the New York Observer reported. Hotel developer Fortuna Realty Group scooped up the hotel, beating out Bridgeton Holdings’ stalking horse bid of $57 million. The sale is expected to close in 2016.

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The sale follows two others this month in the wake of Gemini’s bankruptcy filings in September. The company sold its Jade Hotel at 52 West 13th Street for $78 million and the Best Western Seaport at 33 Peck Slip for $38.3 million.

Meanwhile, Gemini’s partners are embroiled in an ugly court battle over the sale of the properties. One of the partners, William Obeid, sued the other two, Dante Massaro and Christopher La Mack, accusing them of moving to sell the properties without his consent.

Still, the company is looking to sell a fourth property soon: a vacant site at 36 West 38th Street. [NYO] — Kathryn Brenzel

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Gemini Real Estate AdvisorsHotel Market