NEW YORK, Aug. 01, 2016 (GLOBE NEWSWIRE) -- The U.S. Bankruptcy Court in the Southern District of New York approved the closing of the bankruptcy estates on July 28 for two of the four Manhattan hotel properties that filed Chapter 11 petitions on Sept. 3, 2015, under the auspices of funds controlled by Gemini Real Estate Advisors (“Gemini”). The two properties that had their Chapter 11 cases closed were the Seaport Best Western, located at 33 Peck Slip, and the Wyndham Garden Flatiron District, located at 37 West 24th St. All creditors from the sales have been paid in full. The Chapter 11 filings were made in order to sell the properties free and clear of lis pendens that were filed by former Gemini President Will Obeid in an attempt to prevent the sale of the hotels.
“We are nearing completion of the Chapter 11 process that began last September,” said 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.”
The Seaport Best Western was sold to the Howard Hughes Corporation (HHC) on Jan. 29, 2016, for $38.3 million and the Wyndham Garden Flatiron District was sold to Fortuna 37 West 24th Street LLC on Feb. 29, 2016, for $60 million. A third property, the former Jade Hotel located at 57 West 13th St., was sold on Jan. 4, 2016, to Bridgeton Acquisitions, LLC for $78 million.
The final property involved in the Chapter 11 petition, the Bryant Park Development Site located at 36 West 38th St., continues to be marketed for sale. Parties interested in the property 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 nine states across the United States. Gemini’s disciplined and entrepreneurial approach to investing 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.