Rosewood Realty Group’s Aaron Jungreis, Greg Corbin and Chaya Milworn brokered the $19.6-million auction sale of a 13-building portfolio in Brooklyn.
The 13 properties were part of Chaskiel Strulovitch’s 31-building real estate portfolio. The bankruptcy sale included; 1125-1133 Greene Ave., 1213 Jefferson Ave., 568 Willoughby Ave., 618 Lafayette Ave., 834 Metropolitan Ave., 92 S. 4th St., 325 Franklin Ave., 53 Stanhope St. and 263 18th St.
“This was a complex rollercoaster of a deal from start to finish,” said Corbin, Rosewood’s president of bankruptcy and restructuring. “I’ve never seen a more competitive auction which stretched over two days and consisted of 142 rounds of bidding.”
FREO Group opened the auction with a stalking-horse bid of $17.4 million for the entire portfolio. Ten others joined the bidding, but on individual properties, not the portfolio. In the end, Marvin Azrak, Joel Wertzberger and Josef Mikkelson were the winners of the auction.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).