Longtime New York seafood distributor M. Slavin & Son's former spot in the storied Fulton Fish Market in New York City has been purchased by the market's wholesale operators, known as the New Fulton Fish Market Cooperative.
On Friday Joshua Olshin, managing partner with the firm AuctionAdvisors, told IntraFish the cooperative ultimately purchased M. Slavin's former massive spot through a credit bid, where it purchased the property through interest still owed to it from M. Slavin in the amount of $375,000 (€338,051).
The cooperative is looking to ultimately find another fish purveyor to use the space, he said.
Olshin could not confirm any more details concerning the bid.
In November, AuctionAdvisors announced it was retained to auction off 10 stalls, consisting of 22,000 square feet of space at the fish market, which handles millions of pounds of fish and seafood, with sales of over $1 billion (€900 million) per year according to AuctionAdvisors.
In 2011, M. Slavin filed for Chapter 11 bankruptcy and completed its recapitalization with North Mill shortly following the filing. The company laid off its 48 employees on June 1 of this year, according to a government filing.