City backs out of sale after Transcon fails to make payment

Art storage firm agreed to pay $11M for the 140K sf South Bronx warehouse in October

New York /
May.May 23, 2016 01:00 PM

The Department of Citywide Administrative Services canceled the planned sale of a 140,000-square-foot South Bronx warehouse after the agreed buyer failed to make a payment.

The move was a response to the failure by Transcon International – the art storage firm that won the property at auction last October agreeing to pay $11 million – to make required balance payments on the property, located at 131 Walnut Avenue.

The payments due 45 days after the auction, which took place Oct. 28, 2015, Politico reported.

Transcon currently subleases the property from the nonprofit development firm SoBro, which leases it from the city, which foreclosed on its former owner Sol Goldman in 1978.

Representatives of the art storage firm said last month it was ready to close on the property, but couldn’t afford the late fees. It asked the city waive them. Instead, DCAS decided to cancel the sale and refund Transcon’s $2.2 million down payment. [Politico]Ariel Stulberg


Related Articles

arrow_forward_ios
1065-1075 Gerard Avenue in the Bronx 
Prana pays Related $36M in Bronx multifamily play
Prana pays Related $36M in Bronx multifamily play
448 East 143rd Street in the Bronx (Credit: Google Maps)
Private developer’s NYCHA project in Mott Haven lands $79M in financing
Private developer’s NYCHA project in Mott Haven lands $79M in financing
1159 and 1184 River Avenue with Maddd Equities' Jorge Madruga (left) and Joy Construction's Eli Weiss (right) (Credit: Google Maps)
Maddd Equities, Joy Construction score $64M for massive Bronx project
Maddd Equities, Joy Construction score $64M for massive Bronx project
Mid-August selling spree of multifamily, mixed-use buildings his i-sales market
Mid-August selling spree of multifamily, mixed-use buildings hits i-sales market
Mid-August selling spree of multifamily, mixed-use buildings hits i-sales market
Isaac Kassirer and his properties at 1187-97 Anderson Ave., 1220 Shakespeare Ave., and 1210 and 1230 Woodycrest Ave. (Google Maps)
His portfolio decimated, Isaac Kassirer gets creative with rents
His portfolio decimated, Isaac Kassirer gets creative with rents
NYC Economic Development Corp. president Rachel Loeb and Yankees president Randy Levine (Getty, EDC, Google Maps)
Foul ball: Yankees, city point fingers as Bronx soccer stadium gets sidelined
Foul ball: Yankees, city point fingers as Bronx soccer stadium gets sidelined
322 Grand Concourse in the Bronx and Martin Nussbaum of Slate Property Group and Scale Lending (Google Maps, Slate)
Bronx multifamily development gets $63M loan
Bronx multifamily development gets $63M loan
CenterPoint CEO Bob Chapman and the distribution center on Leggett Avenue. (JLL, CenterPoint)
Bronx distribution center sells for $117M
Bronx distribution center sells for $117M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...