East Houston Hotel Owner Buys The GEM Hotel Near Hudson Yards for $15M
Liam La Guerre Aug. 24, 2015, 1:05 p.m.
Jin Sup An, who owns the East Houston Hotel in the Lower East Side, purchased The GEM Hotel located at 449 West 36th Street between Ninth and 10th Avenues from Gemini Real Estate Advisors for $15 million.
The sale of the 10-story, 39-room property near Hudson Yards closed on June 24, according to property records released today.
Two months ago, the name of the property was changed to 36 Hudson Hotel. Mr. An was not immediately available for comment.
In April, Knighthead SSRE REIT slapped Mr. An’s Soho New York Lodging with a lawsuit for defaulting on $2.5 million in loans plus late charges, default interest and costs and expenses on the East Houston Hotel, as the Commercial Observer reported at that time.
Last year, Mission Capital Advisors arranged $33 million in financing on behalf of Icon Realty Management to refinance existing debt on the The GEM Hotel in Chelsea at 300 West 22nd Street.
Representatives of Gemini did not immediately respond to calls and emails.