Gemini sheds third hotel for $60M in bankruptcy auction

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

TRD New York /
Dec.December 17, 2015 09:30 AM

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.

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

Related Article

Mensur Cekic, Hudson Yards’ director of residences

From private tutors to meditation sessions, inside NYC’s new amenities battle

Lightstone Group CEO David Lichtenstein and Moxy Chelsea at 105 W 28th Street (Credit: Lightstone and Facebook)

Lightstone gave its neighbors $7M to build a hotel. Then the neighbors secretly went to war, suit claims.

Here are the numbers behind Michael Dell’s record purchase of the Boca Raton Resort

Long Island’s hotel market could be headed for a downturn

This obscure Caribbean island is a favorite among the super wealthy

Manhattan hotel at center of 1MDB fraud case lands $615M refinancing

Hilton chief talks China, the Waldorf Astoria and tipping at NYU hospitality conference

Is the hotel market under siege? Execs point to political climate as “a big concern”