Scrap dealer Adam Weitsman bought the Roth Steel scrapyard overlooking Onondaga Lake for USD 625,000 at a bankruptcy auction Wednesday and vowed to turn the polluted waterfront property into an attractive retail and hotel development.
Mr Weitsman said that “It’s not going to be a scrapyard the highly successful owner of Upstate Shredding, of Owego. It looks really bad but I’m going to bulldoze all the buildings and clean it up.”
Roth Steel closed in February after operating at 800 Hiawatha Blvd. W. for 102 years. The family owned business filed bankruptcy three months later.
Former Roth employees said that the company was unable to compete with Weitsman after the scrap dealer opened a facility in nearby Solvay.
Mr Weitsman said that he did not intend to drive Roth out of business but did want to buy the company. He said he offered to buy Roth for USD 10 million a year ago, but that his offer was rejected by the company’s owner, Joan Roth.
He said that “Roth was in business over 100 years. They were sort of legendary in our industry. But like everyone else, I had to compete. We’re an aggressive company.
Once Roth closed and lost all its customers, he said the business was no longer of any value to him. However, he said he decided to buy Roth’s 25 acre property because of its location on Onondaga Lake. It’s perfect, right on the water. It has stunning, beautiful views.
Source – Syracuse
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