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April 19, 2024

New owners of Bristol manufacturing facility facing foreclosure

Costar 50 Emmett St., Bristol
By David Krechevsky

The owners of a Bristol manufacturing facility acquired in November now face losing the property to a foreclosure auction because they have failed to make mortgage payments, according to an official familiar with the matter.

Emmett Group LLC of Brooklyn, New York, acquired the 205,128-square-foot, two-story manufacturing building and 9.1 acres at 50 Emmett St. for $7.1 million from RGD Realty LLC, the real estate arm of RGD Technologies.

RGD Technologies, a privately held precision manufacturer, remains a tenant in the building and is not part of the foreclosure. 

Northgate Real Estate Group, a New York City-based bankruptcy, foreclosure and restructuring brokerage firm, is handling the UCC foreclosure auction of the building and property. 

According to a brochure for the auction, the building is divided into nine units and currently has seven tenants and 200 parking spaces. RDG Technologies occupies 85,000 square feet, or 41% of the building, while Damato Construction occupies 19,500 square feet. Other tenants include Bristol Girls Little League Softball, solar power company Verogy, Lock Machine LLC, Pro Excavation, and Plainville Machine & Tool Co.  

Northgate President Greg Corbin said Friday morning the foreclosure strictly targets Emmett Group and will not affect the tenants.

“It's a UCC (uniform commercial code) foreclosure, so we're foreclosing on the membership interests of the LLC, not the property itself,” Corbin said. “It's the membership interests in the LLC that are being foreclosed on because the borrower has not been paying the mortgage.”

Corbin said the property is being foreclosed on because it was used as collateral for the loan to acquire it. 

He could not disclose how many mortgage payments Emmett Group had missed. A notice of sale included in the auction brochure, however, states that Emmett Group owes approximately $5.93 million, including principal, interest on principal, and reasonable fees and costs, plus default interest through May 30.

An attorney who served as the agent in Connecticut for Emmett Group LLC declined to comment on the foreclosure.

According to the brochure, the deadline for submitting bids on the property is May 28 at 3:30 p.m., while the auction will be held on May 30 at 3:30 p.m. Manion Auctions LLC will conduct the sale in an online auction via Zoom.

Anyone who intends to bid on the property should contact Corbin at Northgate Real Estate Group, (212) 419-8101 or greg@northgatereg.com, to receive the terms and conditions of sale and bidding instructions.
 

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