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Thursday, January 25, 2024

Dixie Cup's Supposed Buyer Lends $442,000 to Owner

 Yesterday, I shared Armando Moritz-Chapelliquen's take on the latest proposal for the redevelopment of the blighted Dixie Cup factory in Wilson Borough. What I neglected to tell you is that, contrary to what has been reported in some media sources, the property is still owned by Joe Reibman's WilsonPark,LTD. Although a memorandum of an agreement of sale has been recorded with Syyline Investment Corp, no Deed has actually been conveyed.

Even more interesting is that the Seller has actually borrowed $442,000 from Skyline. I have never seen a commercial buyer loan a seller money and have no idea why they would do this.

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4 comments:

  1. AnonymousJanuary 25, 2024 at 7:33 AM

    Joe Reibman is a snake. He has always been a snake and will always be a snake. He doesn't care one whit about the community or that building. All he cares about is money, money & money!

    ReplyDelete
  2. AnonymousJanuary 25, 2024 at 8:02 AM

    If McClure agrees to give these guys a LERTA or any other tax benefits he should be run out of office. There are developers out there who will do this without any tax gifts.

    ReplyDelete
  3. AnonymousJanuary 25, 2024 at 9:12 AM

    They loaned Reibman money because he doesn't have a pot to piss in. Remember that he never pays his taxes until the Borough is about to take the building.

    ReplyDelete
  4. Charlie ScFebruary 6, 2024 at 7:06 PM

    I'm guessing the buyer could not get financing for the purchase unless certain essential repairs were made (such as roof repairs), so the buyer is providing the money for those repairs.

    ReplyDelete

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