Freehold, NJ - Courts To Sell Dwek's Properties, But Slow Sale Pace Deters Buyers

Freehold, NJ - A key real estate broker for Solomon Dwek is concerned that the "slow" pace of sales will deter buyers. It's not like selling jewelry on eBay; the New Jersey court system just isn't built for speed. "It's getting to the point to where a lot of people are afraid now, because of the way it's being handled," said Michael R. Gilman, owner of Gilman Commercial Realty LLC, which says it is the exclusive broker for 64 of Dwek's properties. But many sales are being held up by the court sales process. "They're not closing the deals."

Superior Court Judge Alexander D. Lehrer, sitting in Freehold, took control of Dwek's assets in May after PNC Bank accused Dwek, 33, of Ocean Township, of bouncing a $25.2 million check. Lehrer has taken major steps to accelerate the sell-off, while holding off bank foreclosures and bankruptcy.
The mission is that the New Jersey courts should sell more than 350 of Solomon Dwek's properties to pay the creditors $338 million.
Lehrer has also stopped Dwek from draining his assets or selling the properties below market value.

The judge has ordered 19 properties auctioned or sold for $49.7 million, but only four of the transactions have actually been completed, for $13.3 million. Two buyers appear to have backed out of their winning bids to buy $5.5 million in properties sold at the most recent auction Aug. 8.
Other pending offers on Dwek properties: 79 totaling more than $142 million.