ISC still has not sold Staten Island headache International Speedway Corp. still hasn’t closed on the sale of its former NASCAR site on the borough’s West Shore.
The closing deadline was extended to Nov. 30 after KB Marine Holdings, a Texas-based company which purchases underutilized waterfront properties, missed two previous deadlines.
ISC spokesman Charles Talbert told the News-Journal in Daytona Beach, Fla., where the race car company is based, that there was no update on the sale. Last year, ISC announced it was in contract to sell the 676-acre site in Bloomfield to KB Marine for $80 million, nearly 30 million less than it paid to purchase the former oil tank farm in 2004.
When KB Marine failed to close by Feb. 25, ISC renegotiated the deal for $88 million and set a new closing date of June 30, according to filings with the Securities and Exchange Commission.
That deadline was also missed and extended to Nov. 30.
A privately held company, KB Marine plans to use the site for port-related and warehousing purposes. It is an off-shoot of UTEX Environmental Services, which uses dredged harbor materials to build up low-lying locations in anticipation of commercial development.
Copyright 1999-2013 | AutoRacing1 is an
independent internet online publication and is not affiliated with, sponsored by, or endorsed
by IndyCar, NASCAR, FIA, Sprint, or any other series sponsor.
This material may not be published, broadcast, or redistributed without