Gussco Manufacturing Challenge

New York City, Folder Floor, 1923 New York City, Folder Floor, 1923

Gussco Manufacturing’s specialized filing products have been keeping some of the country’s largest law firms, banks and corporations organized for almost a century. Originally located in a New York City loft building on lower Broadway in 1918, the family-owned and operated business moved and expanded several times over the years. In 2006, operating out of two manufacturing facilities and faced with increased global competition, Gussco was in the market for a space consolidation solution that would allow them to continue servicing office clients in Metro New York City.

 

Based on a recommendation from an acquaintance, Ari Sharp, Manager of Strategic Operations with Gussco, selected Resource Realty to find the optimal solution for consolidation. This wasn’t going to be a simple transaction. It was going to involve a 1031 exchange, the benefits of which would not be received if the sale of one property and purchase of another did not occur within a specified timeframe. This was also a consolidation of two facilities into one, a considerable undertaking. Further, Gussco’s preference was to remain in the Garfield, New Jersey area in order to retain their existing labor base.

 

Up to the task, Scott Peck, Senior Vice President with Resource Realty, assembled the right players to make this a successful deal. Scott brought in a knowledgeable representative of a 1031 exchange company, who served as intermediary for the exchange. He identified a project manager and rigger, who efficiently orchestrated the move and new plant set-up. In addition, plant upgrades and building expansion were handled by a group recommended by Scott.

 

The final component of the process was a meeting coordinated by Scott to bring in the New Jersey Commerce Department in an effort to identify incentive opportunities. The end result of this process was the receipt of a Business Employment Incentive Program grant.

 

11 Cliffside Drive, Cedar Grove 11 Cliffside Drive, Cedar GroveIn the Client’s Words

“It was a pleasure working with Resource Realty and especially Scott. I think Scott went above and beyond his broker duties. I would highly recommend Scott and Resource Realty to anyone looking for commercial property.”

 

 

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