Condo Builder National Realty Files for Bankruptcy in New Jersey

Real estate developer National Realty Investment Advisors filed for bankruptcy protection in its home state of New Jersey, six weeks after company CEO Rey Grabato stepped down and an independent manager took over.

• Company subsidiary NRIA Partners Portfolio Fund I has assets worth between $50 million and $100 million while it owes as much as $1 billion to creditors, according to a Chapter 11 petition filed in Newark, New Jersey
• National Realty, based in Secaucus, bills itself as a luxury home and condominium builder with projects in New York, New Jersey, Philadelphia and Florida
• In early April, a few weeks ...