250,000 Sq. Ft. of Textile Buildings Brokered by Greiner-Maltz

In a sale-leaseback transaction brought about by Greiner-Maltz's, Decio Baio, this 75-year-old 110,000 sq. ft. silk wall covering mill was sold to Time Equities, Inc. and up to 50,000 sq. ft. was leased-back to Scalamandre, who hopefully will retain up to 40 employees.

It was nearly 5 years ago that Mark and Robert Bitter, the principals of Scalamandre approached Greiner-Maltz to assist in their expansion plans. Their vow was to both grow their business in the face of crippling imports and the withering of the New York City based textile manufacturing trades while keeping a significant presence in Long Island City. "Over the past 24 months, the Bitter's turned down very profitable straight sale transactions, which would have forced their 100% relocation to South Carolina" reported John Maltz, Managing Director of Greiner-Maltz. Investors and developers were mesmerized by the charm of this 110,000 sq. ft. brick clad loft building having daylight filled narrow floor plates, perfect for conversion to residential or office occupancy. "It is a testament to the fortitude and vision of the Bitters and the creativity of Time Equities, the purchaser, that allowed for this win-win transaction", said Decio Baio, the consummating broker. While the click-clack of 70-year old looms will cease, the carefully guarded trimming process and wall paper printing divisions will remain. Limited skein dyeing, the art studio, and some offices will be maintained as well.

"With over 2,000,000 sq. ft. of knitting mill space in the Brooklyn/Queens area having been converted to non-productive storage warehouses over the past 3 years, this creative transaction forged between Time Equities, a noted New York City based developer, and Scalamandre Silk, could become the transaction model which can save jobs and preserve what remains of the manufacturing character of New York City," opined Richard Maltz.

In a unique transaction involving one of the few condominium industrial buildings anywhere in New York City; Lord West, the renown tuxedo manufacturer, having called Woodside, Queens its home for over the past 20 years, is relocating its manufacturing and distribution facility to Pennsylvania. Greiner-Maltz broker, Gary Blum, who sold this $10,000,000.00 facility to Lord West in 1980, teamed up with Michail Piskun and John Maltz in the execution of an installment transaction, which provided, in effect, a "no-interest loan" so as to protect the sensibilities of the purchaser, a quickly growing distributor of high-value sundries." While manufacturers are finding significant economic benefits to relocating outside of the New York City area, even properties of this size and complexity are quickly filled by growing businesses; unfortunately, however, offering fewer jobs, reports John Maltz, Managing Partner, Greiner-Maltz.

About Greiner-Maltz
Since 1953 Greiner-Maltz has been engaged exclusively in the leasing, selling, appraising and managing of industrial, commercial, and investment property in Manhattan, Brooklyn, Queens, Long Island, New Jersey, Westchester, and Connecticut. The firms five offices are actively managed by Principals: John Maltz and Sharone Levy in Brooklyn and Queens; Swain Weiner, metro area investments; Tom Attivissimo in Long Island, Raymond Musalo in New Jersey, and Ayall Schanzer in Westchester. www.GreinerMaltz.com