March 2012 – A landmark in the Wall St. neighborhood, the recently sold Amish Market will continue to serve up its well-known gourmet sandwiches to customers that flock to the foods business daily. After its original owners were indicted on federal tax evasion charges, IPG Real Estate was selected to work with the government in preserving the thriving, yet troubled business. Sold as a distressed asset to Tapps Supermarket, the Amish Market’s final price tag was $2.05M.
A huge operation that sold over 8M of gourmet sandwiches each year, attorney Janice Grubin was appointed by a federal judge to be trustee. Stepping in as owner, Grubin had confidence that IPG could get the best results under these extraordinary circumstances.
IPG Real Estate managed the sale and was able to gather a qualified pool of buyers to the court mandated auction within 90 days. Eight registered bidders participated in a successful auction that resulted in the business being sold at top dollar.
“One benefit that we bring to the table in these situations is that IPG knows the federal procedure,” said Keith Radhuber of IPG Real Estate. We know how to work with lawyers and professionals involved in similar cases.”