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250,000 s/f of textile buildings brokered by G-M.

In a sale-leaseback transaction brought about by Greiner-Maltz's Decio Baio, a 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 five 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 Bitters turned down very profitable straight sale transactions, which would have forced their 100% relocation to South Carolina," said John Maltz, managing director of Greiner-Maltz.

Investors and developers were mesmerized by the charm of the 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 mainrained 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.
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Article Details
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Mar 10, 2004
Previous Article:Brokerage leases space.
Next Article:Carlton closes on $70M financing.

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