Gemini auctions Jade, Best Western Seaport hotels for $116M

Legal battle among firm's founders continues
December 03, 2015 08:42AM

Gemini Real Estate Advisors auctioned two of the four buildings it decided to sell back in September, at the same time as a legal rumble broke out among its owners.

The company sold the Jade Hotel at 52 West 13th Street in Greenwich Village for Bridgeton Holdings for $78 million and the Best Western Seaport at 33 Peck Slip in Two Bridges to Howard Hughes Corp. for $38.3 million.

Both transactions will close in the next 20 days, the New York Observer reported.

The company is also marketing two other properties, the Wyndham Garden at 37 West 24th Street, for which it’s received a bid of $57 million from Bridgeton Holdings, as well as a vacant lot near Bryant Park.

Earlier this year, one of Gemini’s partners, William Obeid, sued the other two, Dante Massaro and Christopher La Mack, claiming they’d moved to sell the properties without his consent. [NYO]Ariel Stulberg