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Court Approval Finalizes Two Gemini Fund Hotel Sales

NEW YORK CITY—The two hotel properties were part of a Chapter 11 bankruptcy filing on Sept. 3, 2015 involving a total of four New York City hotel properties.

By John Jordan | johnjordan | | Updated on August 04, 2016
Seaport Best Western The Seaport Best Western at 33 Peck Slip was sold to the Howard Hughes Corp. earlier this year.
NEW YORK CITY—The US Bankruptcy Court in the Southern District of New York has approved the nearly $100-million sales of two Manhattan hotels owned by funds controlled by Gemini Real Estate Advisors. The court gave the go ahead on the closing of the estates of the Seaport Best Western and the Wyndham Garden Flatiron District. The two hotel properties were part of a Chapter 11 bankruptcy filing in September of last year that involved four New York City hotels. The Chapter 11 filings were made in order to attempt to secure court approval to sell the properties free and clear of lis pendens [a legal term refering to holds on the properties] that were filed by former Gemini Real Estate Advisors president Will Obeid in an attempt to prevent the sale of the hotels, the company states. The Seaport Best Western at 33 Peck Slip was sold to the Howard Hughes Corp. on Jan. 29, of this year for $38.3 million and the Wyndham Garden Flatiron District at 37 W. 24th St. was sold to Fortuna 37 West 24th Street LLC on Feb. 29, 2016, for $60 million. “We are nearing completion of the Chapter 11 process that began last September,” says Dante Massaro, president and CEO of Gemini Real Estate Advisors. “Last week’s proceedings close out two of the four petitions and we are glad to have been able to return maximum profits to our investors. All of the creditors who had a stake in these two properties have been paid in full and there was never a question of the financial solvency. This has been a long, drawn-out process, and we look forward to wrapping it all up in the near future.” A third property involved in the Chapter 11 proceedings, the former Jade Hotel located at 57 West 13th St., was sold on Jan. 4, 2016, to Bridgeton Acquisitions for $78 million. The final property involved in the Chapter 11 petition, the Bryant Park development site located at 36 W. 38th St., continues to be marketed for sale, Gemini reports.

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