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Northgate Closes Bankruptcy Sale at 54% Premium Over Opening Bid
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Northgate Closes Bankruptcy Sale at 54% Premium Over Opening Bid
Northgate Real Estate Group closed on 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. 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 portfo…
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