{"id":18174,"date":"2026-04-15T02:57:02","date_gmt":"2026-04-15T07:57:02","guid":{"rendered":"https:\/\/1reason.com\/re\/northgate-real-estate-group-closes-18-6m-bankruptcy-sale-of-brooklyn-multifamily-portfolio\/18174\/"},"modified":"2026-04-15T21:57:02","modified_gmt":"2026-04-16T02:57:02","slug":"northgate-real-estate-group-closes-18-6m-bankruptcy-sale-of-brooklyn-multifamily-portfolio","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/northgate-real-estate-group-closes-18-6m-bankruptcy-sale-of-brooklyn-multifamily-portfolio\/18174\/","title":{"rendered":"Northgate Real Estate Group Closes $18.6M Bankruptcy Sale of Brooklyn Multifamily Portfolio"},"content":{"rendered":"
The sale was conducted live and online and approved by the U.S. Bankruptcy Court, Eastern District of New York. <\/p>\n

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.<\/p>\n

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.<\/p>\n

\u201cThere\u2019s a misconception that bankruptcy sales yield below market prices. To the contrary, it\u2019s consistently proven that when buyers believe they are pursuing a \u2018discounted opportunity,\u2019 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.\u201d<\/em><\/p>\n

\u2014 Greg Corbin, President, Northgate Real Estate Group<\/strong><\/p>\n

\u201cBids 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.\u201d<\/em><\/p>\n

\u2014 Felix Ades, Managing Director, Northgate Real Estate Group<\/strong><\/p>\n

Transaction Details<\/strong><\/p>\n

\u2022 Sale Price: $18,600,000<\/p>\n

\u2022 Opening Bid: $12,100,000<\/p>\n

\u2022 Premium to Opening Bid: 54%<\/p>\n

\u2022 Portfolio Premium Over Aggregate Individual Bids: 8.1%<\/p>\n

\u2022 Total Square Footage: 47,057 SF<\/p>\n

\u2022 Residential Units: 47<\/p>\n

\u2022 Retail Spaces: 3<\/p>\n

\u2022 Number of Buildings: 7<\/p>\n

\u2022 Neighborhoods: Williamsburg, Greenpoint, Bushwick, Crown Heights<\/p>\n

\u2022 Tax Classification: Class 2A \/ 2B<\/p>\n

\u2022 Sale Structure: Court-supervised bankruptcy auction, U.S. Bankruptcy Court, Eastern District of New York<\/p>\n

About Northgate Real Estate Group<\/strong><\/p>\n

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\u2013based brokerage and advisory firm focused on the sale of distressed real estate assets and loans. Northgate\u2019s 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.<\/p>\n

CONTACT: Media Contact
\n
\nNorthgate Real Estate Group
\nMarisa Manning
\n(212) 419.8129
\nmarisa@northgatereg.com
\nnorthgatereg.com
\n
\nFor more information on this transaction:
\n
\nGreg Corbin
\nPresident
\n(212) 369.1800
\ngreg@northgatereg.com
\n
\nFelix Ades
\nManaging Director
\n(212) 419.8104
\nfelix@northgatereg.com<\/pre>\n
\"\"<\/div>\n","protected":false},"excerpt":{"rendered":"
\n
Seven-Building Portfolio Trades at $18.6M Following Competitive Bankruptcy Auction That Exceeded Opening Bid by 54%<\/p>\n
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.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/18174"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=18174"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/18174\/revisions"}],"predecessor-version":[{"id":18177,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/18174\/revisions\/18177"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=18174"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=18174"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=18174"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}