The privately-held company, which specializes in being a business-to-business site for excess inventory and idle assets, made headlines last June when it signed a lease for 56,869 sf of space at 100 Summit Lake Dr., part of Reckson Associates Realty Corp.'s The Summit office complex. Insignia/ESG, is marketing TradeOut.com's space on the sublease market. Officials with TradeOut.com could not be reached for comment at press time.
In return last year's lease commitment, the company secured approximately $700,000 in state and county incentives. Salvatore Carrera, director of Westchester County's Department of Economic Development/Real Estate for the County Executive, says that he is not concerned about the decision by TradeOut.com to downsize its space in relation to the incentive package the firm had negotiated with the county and New York State.
He reveals that TradeOut.com "never came in to finalize the deal." Carrera adds that the incentive funding was to be given out over a period of years. However, he says, "I am 90% sure that none of the funding had been given out. So, therefore there will be no recapture (of funding)."
TradeOut.com had relocated its offices from approximately 10,000 sf of space it leased at 410 Saw Mill River Road at the Ardsley Park Science and Technology Center. Carrera points out that the funding was based on the company maintaining its lease commitment and growing its workforce from 65 to 150 workers.
It is believed that TradeOut.com, in fact, employs approximately 150 workers in Valhalla and also maintains offices in Manhattan and in Massachusetts. At the time of the lease deal last year, Insignia/ESG officials stated that the firm had hoped to increase its overall workforce by another 420 workers by the end of this year.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
