Seven-Building Portfolio Trades at $18.6M Following Competitive Bankruptcy Auction That Exceeded Opening Bid by 54%
NEW YORK, March 26, 2026 (GLOBE NEWSWIRE) — Northgate Real Estate Group today announced the closing of a seven-building Brooklyn multifamily portfolio for $18.6 million, a 54% premium over the $12.1 million opening bid. The sale was conducted live and online and approved by the U.S. Bankruptcy Court, Eastern District of New York.
The portfolio comprises 47 residential units and three ground-floor retail spaces spanning 47,057 square feet across four Brooklyn neighborhoods: Williamsburg, Greenpoint, Bushwick, and Crown Heights. The residential units are predominantly free-market, with the buildings classified under New York City’s Tax Class 2A and 2B designations.
Northgate ran a dual-track marketing process, soliciting bids both for individual buildings and for the portfolio as a whole. Qualified offers were received on both bases. The portfolio ultimately traded at a price that exceeded the combined total of the highest bids for each individual property.
“There’s a misconception that bankruptcy sales yield below market prices. To the contrary, it’s consistently proven that when buyers believe they are pursuing a ‘discounted opportunity,’ they often become more aggressive and ultimately pay more than they would in a traditional sale. In this case, we performed robust marketing, fielded abundant inquiries, and conducted a competitive auction that drove pricing to a level substantially above where the broader market had been valuing the asset.”
— Greg Corbin, President, Northgate Real Estate Group
“Bids were taken on both an individual-building and portfolio basis, giving us the pleasure of working with a diverse pool of buyers, ranging from local owners to international funds. The market ultimately determined that achieving economies of scale across these prime Brooklyn neighborhoods made the deal far more valuable as a package rather than individually.”
— Felix Ades, Managing Director, Northgate Real Estate Group
Transaction Details
• Sale Price: $18,600,000
• Opening Bid: $12,100,000
• Premium to Opening Bid: 54%
• Portfolio Premium Over Aggregate Individual Bids: 8.1%
• Total Square Footage: 47,057 SF
• Residential Units: 47
• Retail Spaces: 3
• Number of Buildings: 7
• Neighborhoods: Williamsburg, Greenpoint, Bushwick, Crown Heights
• Tax Classification: Class 2A / 2B
• Sale Structure: Court-supervised bankruptcy auction, U.S. Bankruptcy Court, Eastern District of New York
About Northgate Real Estate Group
Ranked the #1 bankruptcy, foreclosure, and restructuring brokerage in New York and among the top firms nationwide, Northgate Real Estate Group is a New York City–based brokerage and advisory firm focused on the sale of distressed real estate assets and loans. Northgate’s agents have been involved in over $4.3 billion in commercial real estate transactions and advise property owners, lenders, financial institutions, and investors on complex bankruptcy, foreclosure, and special situations sales and workouts. The firm is widely recognized for its ability to structure and execute highly competitive, court-supervised sale processes that drive pricing and maximize recoveries.
CONTACT: Media Contact Northgate Real Estate Group Marisa Manning (212) 419.8129 marisa@northgatereg.com northgatereg.com For more information on this transaction: Greg Corbin President (212) 369.1800 greg@northgatereg.com Felix Ades Managing Director (212) 419.8104 felix@northgatereg.com
