Sale of former NASCAR site hits roadblock

New York /
Aug.August 31, 2010 06:30 PM

KB Marine Holdings, the company purchasing the former NASCAR site from International Speedway, has missed two closing dates, the Staten Island Advance reported. A new deal is being negotiated for the West Shore waterfront parcel in Staten Island, according to ISC spokesperson Charles Talbert, but the future remains uncertain for the 676-acre site, the largest privately owned piece of undeveloped industrial land in the city. Last year, ISC announced it was in contract to sell the site to KB Marine for $80 million, nearly $30 million less than ISC paid to assemble the former oil tank farm in 2004. Filings to the Securities and Exchange Commission indicate that KB Marine failed to close by Feb. 25. The deal was renegotiated for $88 million with a new closing date set for June 30, which was also missed. KB Marine Holdings, a privately held company organized to purchase underutilized waterfront properties, plans to use the property for port-related and warehousing purposes. The company did not return calls from the Staten Island Advance seeking comment. [SI Live via Fwix]

 

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