– Morganti and Sons LLC
Vita Nuova was retained by the owner to help disposition a 500,000sf former ball bearing plant that had not been partially renovated but not remediated prior to the close of the calender year. In 9 months, VN assessed the environmental and market conditions, developed a set of terms that would allow a buyer to complete the cleanup using the value of the property which was maintained in escrow by the sellers attorney. VN then went to a ‘niche’ group of buyers, supported the owner’s attorney in negotiations, and closed on December 29. The new buyer, Flatiron Realty Advisors, has fully-renovated the building, created a mix of tenants including commercial, office, and light industrial. Remediation is well underway.