A&G Conducts $18.4 Million in Sales for 21 Commercial Properties at Bankruptcy Auction

Melville, N.Y. — A&G Real Estate Partners has secured the sales of 21 properties in Maryland, Delaware and Florida at a real estate bankruptcy auction. All assets were formerly owned by the late Zebulon J. and Beatrice Brodie. In the Aug. 16 bankruptcy auction, 19 properties in Maryland and one each in Delaware and Florida fetched a total of $18.4 million.

The transactions included: the $6.7 million sale to different buyers of four contiguous, largely undeveloped properties in a busy commercial district on Legion Road in Denton, Maryland; the $1.5 million sale of the Carter Building at 300 Market St. in downtown Denton; the $2.1 million sale of the Alexander Building at 315 High St. in Chestertown, Maryland; and the $2.2 million sale of 300 Bulle Rock Farm Lane in Centreville, Maryland, which is a family compound formerly owned by John Raskob, builder of the Empire State Building in Manhattan.

After two rounds of bidding, 13 different buyers secured properties at the auction. When the final gavel hit, 20 of the 21 properties received higher bids than the initial baseline offering, according to A&G. Overall the auction brought on 77 qualified bids and created a gain for the creditors exceeding 50 percent over the baseline offerings, or approximately $6.3 million.

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