List of Recent Real Estate Bankruptcies
Chapter 7 and Chapter 11 bankruptcies where the primary asset is real estate. The Real Estate Bankruptcy List is updated daily.
Case Name and Number | Asset and Liab. Ranges |
---|---|
203 SKILLMAN AVENUE LLC (Chapter 7 - 24-43081) |
$100,001-$1,000,000 / $100,001-$1,000,000 |
BROOKLYN STANDARD IX LLC (Chapter 7 - 24-43050) |
$1MM - $10MM / $100,001-$1,000,000 |
EXQUISITE QUARTERS, LLC (Chapter 11 - 24-16212) |
$100,001-$1,000,000 / $100,001-$1,000,000 |
UPTOWN GROUP INC. (Chapter 7 - 24-43049) |
$100,001-$1,000,000 / $1MM - $10MM |
FREDERIKA MANAGEMENT CORP (Chapter 7 - 24-43037) |
$1MM - $10MM / $1MM - $10MM |
PARK SEVEN HOLDINGS, LLC (Chapter 11 - 24-06027) |
$1MM - $10MM / $1MM - $10MM |
ADOLE GROUP, LLC (Chapter 11 - 24-11275) |
$1MM - $10MM / $1MM - $10MM |
2453 GRAND CANAL, LLC (Chapter 7 - 24-23224) |
$1MM - $10MM / $1MM - $10MM |
HERITAGE HOTELS ROCKPORT LLC (Chapter 11 - 24-20201) |
$10MM - $50MM / $10MM - $50MM |
THE CLEAVER LLC JJLBS LLC (Chapter 11 - 24-10617) |
$100,001-$1,000,000 / $100,001-$1,000,000 |
LSL PERKINS, LLC (Chapter 11 - 24-10581) |
$1MM - $10MM / $1MM - $10MM |
MRL REAL ESTATE HOLDINGS, LLC (Chapter 7 - 24-10142) |
$1MM - $10MM / $1MM - $10MM |
1016 CHANNEL DRIVE LLC (Chapter 11 - 24-43017) |
$1MM - $10MM / $1MM - $10MM |
500 CITY ISLAND AVE., LLC (Chapter 11 - 24-11263) |
$1MM - $10MM / $1MM - $10MM |
OREO CITY LLC (Chapter 11 - 24-43018) |
$1MM - $10MM / $1MM - $10MM |
GOLDEN RULE RESOURCES LLC (Chapter 11 - 24-51355) |
$1MM - $10MM / $1MM - $10MM |
4689 PINE ISLAND LLC (Chapter 11 - 24-01066) |
$100,001-$1,000,000 / $100,001-$1,000,000 |
W 72 STREET PARTNERS LLC (Chapter 11 - 24-17236) |
$1MM - $10MM / $1MM - $10MM |
PARK 28 PARTNERS LLC (Chapter 11 - 24-17234) |
$1MM - $10MM / $1MM - $10MM |
GIRARD HOUSE COOPERATIVE, LCA (Chapter 11 - 24-00260) |
$1MM - $10MM / $1MM - $10MM |
ART BUILDINGS LLC (Chapter 11 - 24-41062) |
$1MM - $10MM / $1MM - $10MM |
ALPINE HOSPITALITY, INC. (Chapter 11 - 24-14064) |
$1MM - $10MM / $1MM - $10MM |
CAROLINE NICHOLLS (Chapter 7 - 24-42998) |
$100,001-$1,000,000 / $100,001-$1,000,000 |
867-871 KNICKERBOCKER LLC (Chapter 11 - 24-42979) |
$1MM - $10MM / $1MM - $10MM |
9912 NB PROPERTY LLC (Chapter 11 - 24-42976) |
$100,001-$1,000,000 / $100,001-$1,000,000 |
1105 WINTHROP STREET LLC (Chapter 11 - 24-42965) |
$100,001-$1,000,000 / $100,001-$1,000,000 |
WALSAM 316 LLC (Chapter 11 - 24-11231) |
$100,001-$1,000,000 / $10MM - $50MM |
175 NASSAU ROAD HOLDING, INC. (Chapter 11 - 24-72765) |
$1MM - $10MM / $1MM - $10MM |
WOODFIELD RD, LLC (Chapter 11 - 24-15941) |
$1MM - $10MM / $1MM - $10MM |
WALSAM BLEECKER LLC (Chapter 11 - 24-11233) |
$100,001-$1,000,000 / $10MM - $50MM |
WALSAM 316 BOWERY LLC (Chapter 11 - 24-11232) |
$100,001-$1,000,000 / $10MM - $50MM |
LAWBER BOWERY LLC (Chapter 11 - 24-11234) |
$1MM - $10MM / $10MM - $50MM |
JW REALTY HOLDINGS LLC (Chapter 11 - 24-35685) |
$1MM - $10MM / $1MM - $10MM |
1027 FANTASY, LLC (Chapter 11 - 24-03584) |
$1MM - $10MM / $1MM - $10MM |
LIJASOFT LLC (Chapter 7 - 24-72739) |
$100,001-$1,000,000 / $100,001-$1,000,000 |
KINGDOM GROUP REALTY & INVESTMENTS, LLC (Chapter 11 - 24-03945) |
$1MM - $10MM / $1MM - $10MM |
F.A.M. DEVELOPMENT INC. (Chapter 11 - 24-10155) |
$100,001-$1,000,000 / $100,001-$1,000,000 |
MY FAMILY TRUST (Chapter 11 - 24-01973) |
$100,001-$1,000,000 / $100,001-$1,000,000 |
B & J PROPERTY MANAGEMENT OF OCALA, LLC (Chapter 11 - 24-01976) |
$100,001-$1,000,000 / $1MM - $10MM |
425 JEROME ST GR LLC (Chapter 11 - 24-42860) |
$100,001-$1,000,000 / $100,001-$1,000,000 |
HIGHLINE 118 LLC (Chapter 11 - 24-11218) |
$1MM - $10MM / $1MM - $10MM |
11003 GUY R BREWER BLVD INC. (Chapter 7 - 24-42870) |
$100,001-$1,000,000 / $100,001-$1,000,000 |
24-26 BARKER ST, INC. (Chapter 11 - 24-40728) |
$1MM - $10MM / $1MM - $10MM |
227 BAINBRIDGE STREET LLC (Chapter 7 - 24-42878) |
$1MM - $10MM / $1MM - $10MM |
MR. G'S PROPERTIES, LLC (Chapter 11 - 24-72692) |
$1MM - $10MM / $1MM - $10MM |
T.K.O. TRANSPORT LLC (Chapter 7 - 24-12727) |
$100,001-$1,000,000 / $0-$100,000 |
JGA DEVELOPMENT, LLC (Chapter 11 - 24-16864) |
$10MM - $50MM / $10MM - $50MM |
HOME SHIELD INVESTMENT GROUP, LLC (Chapter 7 - 24-22997) |
$10MM - $50MM / $1MM - $10MM |
729-731 MEEKER GROUP LLC (Chapter 11 - 24-42846) |
$1MM - $10MM / $1MM - $10MM |
FARRAND STREET ASSOCIATES, LLC (Chapter 11 - 24-16821) |
$10MM - $50MM / $1MM - $10MM |
Real Estate Assets in Bankruptcy
Real estate bankruptcies represent the single highest percentage of bankruptcies by industry. Often landowners are filing bankruptcy to stop a foreclosure by a mortgage holder. The act of filing a bankruptcy results in an automatic stay of any foreclosure actions or other litigation by creditors. One of the most common filings by creditors is a motion for a relief from the automatic stay.
Real estate investors can find a lot of opportunities in bankruptcy. The filings that are required by bankruptcy rules and practices can provide very good information about the real estate properties, their financial performance as well as the amount of debt. But, we will warn you: don't expect any deals right away. The automatic stay will give the debtor up to 90 days of breathing room. Opportunities can arise as the bankruptcy timelines get close.
Single Asset Real Estate Bankruptcies
Some Chapter 11 bankruptcies involving real estate are governed by more restrictive rules than other cases; these are bankruptcies that are categoried as "Single Asset Real Estate" ("SARE") cases. SARE is one of the categories available for debtor's to check under the Nature of Business category on the bankruptcy petition. It is also possible that a bankruptcy case will be re-categorized as a SARE case by the bankruptcy judge if the debtor does not designate it as such on their petition. SARE cases face strict deadlines for the filing (not the approval) of a bankruptcy plan (90 days) and harsh penalties if the deadline is not met.
As part of the Bankruptcy Reform Act of 1994, Congress added two new sections to the Bankruptcy Code to expedite single asset real estate cases and enhance the leverage held by secured lenders. First, Congress added section 101(51B) of the Code, which defines “single asset” real estate as: [R]eal property constituting a single property or project, other than residential real property with fewer than 4 residential units, which generates substantially all of the gross income of the debtor and on which no substantial business is being conducted by a debtor other than the business of operating the real property and activities incidental thereto having aggregate non-contingent, liquidated secured debts in an amount no more than $4,000,000.
Second, Congress amended section 362 of the Bankruptcy Code to require that the automatic stay be terminated if the debtor does not file a plan of reorganization or commence monthly interest payments within ninety (90) days of the petition date. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (“BAPCPA”) eliminated the $4 million cap in section 101(51B), expanding the reach of the SARE provisions and making them applicable to much larger projects and entities, including the many public and private homebuilders facing today’s economic pressures.
Certain bankruptcies where real estate is the primary asset but where other business operations are involved, such as hotels and restaurants, are not SARE bankruptcies. The general idea is that SARE bankruptcies are ones where the basic dispute is between a landowner and a mortgage holder and the issues are not as complex as those for an operating business.
The BankruptcyObserver Database
BankruptcyObserver constantly monitors all 95 bankruptcy courts for both new bankruptcy case filings and new docket entries. We have been doing so for more than 15 years. We actively review each new filing. The database consists of more than 5 million cases, 200,000 business bankruptcies and more than 2 billion docket items.