NEW YORK, Dec. 02, 2015 (GLOBE NEWSWIRE) -- The purchasers of two of the four Manhattan hotel properties that filed Chapter 11 petitions on Sept. 3, 2015, under the auspices of Gemini Real Estate Advisors (“Gemini”) were decided yesterday in the U.S. Bankruptcy Court in the Southern District of New York. The Howard Hughes Corporation (HCH) came in with an upset bid of $38.3 million, eclipsing the original stalking horse purchase price for the Seaport Best Western. The Jade Greenwich Village, located at 57 West 13th St., will be sold to the original stalking horse bidder Bridgeton Acquisitions, LLC, for $78 million, as Bridgeton was not outbid by the court imposed deadline of Nov. 24.
“Our goal throughout the Chapter 11 process has been to sell all four Manhattan properties for the highest and best terms without any further delays,” said Dante Massaro, president and CEO of Gemini Real Estate Advisors. “Yesterday’s proceedings locked in sales prices at the top of the market and bring us closer to returning maximum profits to our investors, who have remained patient throughout this litigation process.”
The auction of the third property — the Wyndham Garden Flatiron District at 37 West 24th St. — is scheduled for Dec. 15 in the U.S. Bankruptcy Court in the Southern District of New York. There will only be an auction if an upset bid is received. The final property involved in the Chapter 11 petition, the Bryant Park Development Site located at 36 West 38th St., is currently being marketed and is expected to sell in early 2016.
Parties interested in bidding on the Wyndham Garden Flatiron District or Bryant Park Development Site properties should contact Douglas Herscher at RobertDouglas in New York at (212) 993-7424 for more information.
About Gemini Real Estate Advisors
Based in Charlotte, N.C., Gemini is a vertically integrated real estate investment and operating company that manages more than 2.5 million square feet of property in 10 states across the United States. Gemini’s disciplined and entrepreneurial approach to investing has built a portfolio of assets that are well positioned to generate cash flow and achieve growth of capital. Gemini currently owns a portfolio of shopping centers, hotels and fixed income investments with a value of approximately $700 million. We manage our investments with the focus of an owner because our principals invest their own funds alongside investors. We continually review our value maximization strategy for each of our properties, carefully monitoring expenses and optimizing revenue potential.