The former M. Slavin & Sons space at the New Fulton Fish Market at Hunts Point in New York, New York, will be auctioned off at a fraction of its original sales price.
The foreclosure auction, set for 6 December, is the largest spot in the Fulton Fish Market, according to AuctionAdvisors, encompassing 10 stalls and 22,000 square feet of space. The auction will be held at the Fulton Fish Market at 10:00 a.m. Eastern Standard Time.
While M Slavin & Sons paid USD 2 million (EUR 1.8 million) for the space in 2007, “more recent trade would indicate the numbers we are expecting are a fraction of that,” AuctionAdvisors Managing Partner Joshua Olshin told SeafoodSource.
The former M. Slavin site is the “most strategic spot” in the Fulton Fish Market, so it should snare a premium compared to what other spots are traded for, Olshin said.
“We would hope it would do a bit better because of the space as well as the refrigerated rooms and freezer rooms – it is nicely laid out spot,” he noted. “It’s a unique asset, so it’s hard to say what is going to happen.”
Interested bidders must deposit USD 25,000 (EUR 23,000) in order to bid, Olshin said.
While the hard assets, including equipment, of M. Slavin & Sons’ former operation were foreclosed on in June by Northmill Capital, the foreclosure auction on the supplier’s former property is finally taking place. At the time, M. Slavin laid off its 48 employees, according to a government filing, the New York Post reported.
SeafoodSource broke the news in early July that some former M. Slavin & Sons executives opened the company under a different name: OceanBox. Many companies still have not been paid by the seafood supplier. One seafood supplier told SeafoodSource that their company is owed USD 50,000 (EUR 45,000) by M Slavin, while another said they are owed USD 47,500 (EUR 43,000).
“They first tried to sell the whole company, then one of their creditors foreclosed on their machines such as cutters – their hard assets,” Olshin said.
Olshin does not know what the starting bid for the property will be. Meanwhile, the estimated monthly expenses include cooperative monthly maintenance costs of more than USD 39,000 (EUR 35,000).
The purchase includes “all of the right, title and interest of M. Slavin & Sons in (i) 18,450 Shares of stock issued by the Fish Market with respect to Units # 66, 68, 70, 72, 74, 76, 78, 80, 82 & 84; plus (ii) the related Proprietary Sublease,” AuctionAdvisors said.
The sale 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.
Photo courtesy of AuctionAdvisors
