National Realty gets OK to sell eight properties for $20.02 million

By Sarah Lizee

Olympia, Wash., June 22 – National Realty Investment Advisors, LLC secured approval of the private sales of some of its properties, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of New Jersey.

As previously reported, the company is looking to sell five Brooklyn, N.Y.-based condo units to several individuals for a total of $10.01 million, two Philadelphia-based properties to several individuals for a total of $3.56 million, and a Delray Beach, Fla.-based condo unit to one individual for $6.45 million.

According to Tuesday’s order, all proceeds form the sales will be held in escrow by the debtors pending further approval by the court.

The company said the sales will relieve the debtors of the burden and cost of attempting to further market and sell the properties, as well as any related upkeep or maintenance costs.

The Secaucus, N.J.-based real estate investment, management and development firm filed bankruptcy on June 7 under Chapter 11 case number 22-14539.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.