New Fulton Fish Market wins M. Slavin & Sons auction
The New Fulton Fish Market is the winning bidder in the foreclosure auction of the former M. Slavin & Sons space at the New Fulton Fish Market in New York, New York.
The Fish Market, which was owed approximately USD 375,000 (EUR 339,000) in back rent by M. Slavin & Sons, bought the largest space in the Fish Market, so it could sell it “on a non-foreclosure basis,” AuctionAdvisors Managing Partner Joshua Olshin told SeafoodSource.
In 2007, M Slavin & Sons paid USD 2 million (EUR 1.8 million) for the space, which encompasses 10 stalls and 22,000 square feet of space.
The property includes more than 18,450 square feet on the first floor, including cooler and freezer rooms plus a market display area. The second-floor space – which is more than 4,000 square feet – includes offices overlooking market area, including reception, conference room, individual office units, lunch room, kitchen, multiple locker rooms, shower, and bathrooms.
New Fulton Fish Market will work through the legal paperwork, and then likely put the property - which includes shares in the Fulton Fish Market cooperative – up for sale within two weeks, Olshin said.
“They will market the property themselves,” Olshin said.
In these type of foreclosure auctions, it is “most common that the foreclosing party wins,” Olshin said. “There was some interest, but the fish market got it.”
In related news, Netuno, one of M. Slavin & Sons’ creditors, dismissed its lawsuit against the company demanding USD 50,000 (EUR 45,000) in damages.