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New York

Gemini to sell four Manhattan hotel sites for $200M

Jade Hotel, Wyndham Garden and others hit the block as owners battle

From left: William Obeid, the Jade Hotel in Greenwich Village and the Wyndham Garden in Chelsea
From left: William Obeid, the Jade Hotel in Greenwich Village and the Wyndham Garden in Chelsea

A dispute among the owners of Gemini Real Estate Advisors is prompting the company to sell four Manhattan hotel sites including the Jade Hotel in Greenwich Village and the Wyndham Garden in Chelsea.

Gemini already has buyers lined up for the properties. It has recieved offers of $78 million for the Jade, $57 million for the Wyndham, $37.3 million for the Best Western Seaport in the Financial District, and $25.5 million for a development site at 36 West 38th Street.

Possible buyers for the properties include Bridgeton Holdings, Morning View Hotels and Hansji Corporation, the New York Daily News reported.

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The move was prompted by a despite between the firm’s partners, Dante Massaro and Christopher La Mack on one side, and William Obeid on the other. Obied sued the other partners last year, claiming they’d moved to sell the properties without his consent.

The same will occur through a 363 bankruptcy procedure, which allows owners to sell even when a lien is attached to the property. The firm needs a judge’s permission before the sales can be made in November.

The company filed for Chapter 11 bankruptcy to allow for the possibility of the sale.

Gemini also put the Comfort Inn Times Square on the market for $35 million earlier this year [NYDN] – Ariel Stulberg

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Gemini Real Estate AdvisorsHotel Market