Morning Dealmaking

This morning we toured a block of buildings in Manhattan that have been bought and will be torn down. Well, actually it is in Yonkers, but close enough. The new owner bought an entire city block and is in the process of notifying the tenants that their leases are being terminated and they have to move.

We looked at one of the buildings on the southwest corner to get a feel for the neighborhood and the view. The business there makes plastic things for hardware stores – I have no idea what most of it is for, but the guys were interested. The business owner is going to retire after he shuts down the business. He said he was going to stay open as long as he can for the sake of his 40+ employees, but the word is already out and several of them are quitting to go to other jobs, so timing is going to be an issue for him.

When he shuts down, we’ll demolish the whole building, so he mentioned the challenge of getting rid of everything. We’ve seen auctions to do that, but I know of a company that buys equipment and machine shop tools and then they sell it online. I told him about K. D. Capital so he can call them and see if they can help. I’m sure they will.

This will be a good site for our development. Looks like I’ll be spending a lot of time in New York this summer.

Leave a Reply