The Real Deal Miami

Gansevoort South off to auction

December 15, 2009 12:59PM

The New York to Florida development conduit that helped fuel Miami’s luxury building boom saw another big rupture as the 334-room hotel Gansevoort South heads to foreclosure auction. The Collins Avenue hotel has been a magnet for celebrities, but owner and developer team William and Michael Achenbaum said they have not been able to sell enough condominium units to service an $89 million loan from Credit Suisse. Daily operations will continue as usual despite the pending auction. Robert Taylor, CB Richard Ellis senior vice president for hotels, said the Achenbaums’ difficulties are not uncommon in the sector. [GlobeSt]