15-Story Luxury Multifamily Tower Sold Through Competitive Bankruptcy Auction in New York City
A 126-unit multifamily property in Far Rockaway sells through a competitive auction as part of a high-performing distressed property sale.
$27.6M
Closing Price
$6.1M
Above Opening Runoff Auction Bid
12
Qualified Offers Generated
Challenge
Hilco Real Estate Sales (HRE) was engaged by the secured lender to lead the sale of a 15-story, 126-unit luxury multifamily building in Far Rockaway, Queens. The asset, part of a Chapter 11 bankruptcy case, required a fast and transparent disposition strategy that would attract serious multifamily investors and maximize recovery value—within the constraints of the bankruptcy court.
Strategy
HRE deployed a two-phased structured sales process focused on qualified local, regional and national real estate investors. The campaign included:
- Broad-spectrum digital & direct marketing across major multifamily channels
- Personal outreach to operators & developers with interest in NYC-area properties
- Execution of a competitive runoff auction that drove the final sale price well above initial bid levels
- Coordinated execution with bankruptcy counsel & lender representatives to ensure compliance & a timely closing
Results
- $27.6M Final Closing Price
- $6.1M Above Opening Runoff Auction Bid
- 12 Qualified Offers Submitted
- Strong Investor Interest Across All Buyer Tiers
Outcome
This sale showcases HRE’s ability to navigate distressed property sales in high-density, high-regulation markets like New York City. Through strategic positioning and controlled competition, HRE secured a top-tier outcome for the lender, exceeding both initial expectations and market assumptions.