Thursday, March 31, 2011
Tuesday, March 15, 2011
Here is the list of properties that they own or lease, according to their last 10K. I took the liberty of linking to the owned locations on Google Maps, as well as giving you some info on the assessed/estimated market values of the properties per the various tax roles for the governments in which the properties are located. I either linked to the web page where I found the assessment, linked to a screen shot in Picasa (when I wasn't sure the site was set up to give a reliable web address), or had to call the government body which was in charge of assessing the property. Many times, I had to make a few calls to track down the correct city or county, as some of their stores are in bedroom communities of larger cities, and in their annual report, as well as on Google Maps, the store is shown as being located in the larger city. All amounts are in the greenest of US fiat dollars. !DISCLAIMER! All info here is assumed to be reliable, correct, and up to date, but no assurances of any kind can be given.
Appraised value of $5,638,500 with a construction date of 1993.
Ft Lauderdale, FL
Located in Boward County, with an appraised value of $6,114,350, the main property was last sold in 1979 for $6.3 million (meaning that on the books, the property has been depreciated down to virtually nothing). There is an additional piece in the area, which is owned by Syms that is valued at $406,902.
Upon calling the tax office for Miami-Dade County, since the website didn't seem to co-operate with me, I found that the property is assessed at $4,757,435 and has an address of 4601 NW 77th Ave, in Doral which differs slightly with the address on Google Maps.
Various pieces, assessed at $371,679; $6,229,566; $558,345; $434,506; and what appear to be several other pieces of property, of which, the site spout out an error message to me over... The tax site of Palm Beach County can be searched here.
The store, which is actually in Gwinnett County, is valued at $3,550,000. While the info on assessment value wasn't on the webpage, when I called Gwinnette County, I got a parcel number (r6216040), which resulted in me being able to see the outline of the lot (which has a ton of parking in it; so much, that it appears to provide parking for the neighboring Pier 1 store. As a side note, there are 2 parcels that the assessor's office told me were located at the address of 5775 Jimmy Carter; the other belongs to a guy named Kieth Chung, and is valued at $3,267,900.
As an interesting tidbit, it looks like the company has a coin laundry operation in Marietta, which is non-material to the business as it is not mentioned in their 10K.
I had to call on this one, but, the Cherry Hill Assessor told me that the location (which is 4 lots) was valued at a total of $6,279,900.
This article from 2009 estimates that the property could be worth over $20 million.
I had to call on this one as well, but the Paramus Tax Collector's office told me that the property was located at 334 North Rt 17, and note 330, as Google Maps said. Regardless, it is valued at $18 million. The land made up $12,229,00 of the value with the building making up the remaining $5,771,000. The block number is 3601, and the building is on the 6th lot.
I had to make a call to the city of Secaucus. They told gave me a website, and after a long conversation, we figured out that Syms owned 3 pieces of land. The first, which is noted as 1 Emerson Lane, is valued at $16,876,800; 1 Syms Way, which I couldn't find on the tax website, but I was told by the Building Department that it did indeed exist under that address, and that it is valued at $419,000, maybe it's a parking lot? Interestingly, Syms also owns a condo in the city, at 429 Dunlin Plaza which is valued at $153,800.
This property was just added as collateral to a short term credit agreement with bank of America.
After a few calls, I was led to the City of Clarence, where the Assessor's offices told me that the location is worth $3,100,000 million, along with another parcel, which includes an access road to the Eastern Hills Mall, which is valued at $230,000.
This is one of the most interesting stories in regards to property owned by Syms. In the annual report, there is a note that there is a land lease that expires in 2068. This lease, as they told me in the Division of Building in the Elmsford Government is, more or less, soley for a stop light, which is owned by a judge in the town... Furthermore, the company owns 3 parcels on E Main St (which is called Terry Town Rd in the record books due to 9-11 compliance). The first is a vacant lot, located at 295 Terry Town Rd which is valued at $26,600; the lot where the Syms store rests is valued at $326,400; and the lot which Syms leases to another party, which in turn leases to Bed Bath and Beyond, is valued at $620K (this info comes from how the Department of Building understands the leases to work).
I have a hunch that since the Syms store alone is 59,000 sq ft., that a neighboring is a parcel owned by a local judge, and that they both sit under 1000 ft from an interstate exit, that these assessed values are somewhat understated due to how many small town governments seem to operate. I can't imagine that commercial real estate would be valued at under $10/sq-ft anywhere in the country other than a place like Detroit, Michigan or even Gary, Indiana.
This, despite it's shoddy appearance (yeah, I actually did some scuttle butt on this one, and took the pics that I link to), this location is the gem of the Syms crown. It is located in the middle of Trinity Place and sits in the middle of a Subway entrance and exit. The city of New York assesses the market value at $9,580,000. As if that isn't enough, it is a stone's throw from the NYSE on Wall St and the Trinity Church (I wonder how many out of work investment bankers made there way there to buy clothing when the Dow was under 8,000?).
As I pointed out earlier, my friend John at Shadowstock, wrote up about the potential worth that the property has (at the height of the great bubble, potentially $102 million). The property that it is compared to is located a few blocks away on Stone, on which the Double Tree Hotel chain built a 42 story hotel.
Discussions relating to the acquisition, which were initiated by the owners of 67 Greenwich Street, commenced in 2002. Although the Company does not have any plans to develop the site, it believed it prudent to complete the purchase in order to protect its property at 42 Trinity Place from encroachment. The property at 67 Greenwich Street includes a landmark structure along with appurtenant air rights." This shows the long term view that the company has, as it took 6 years to buy the property.
From my understanding of the deed, they paid the $8 million ~2,900 sq ft of land that is presently assessed at a meager $750K by the city of New York (the rumor is that the building isn't structurally sound). They even went to the trouble of taking care of any potential zoning issues. If this is any indication of what they feel they can do with the rest of block that they own, look out above.
In the spirit of openness, Chester County doesn't believe in letting the public view records for free, as they wanted to charge me $50 bucks to view them. A free phone call later, I learned that the Syms location in King of Prussia has a parcel ID# of 43090074000 and is valued at $1,661,010.
The website for the Harris County Tax Office wasn't working well, so a call concluded that the 2 pieces of property are worth $3,292,585 and $1,025,782, respectively. The Harris site, has one of the more interesting features I have seen, which shows a graph of the historical tax liability in relation to the assessed value of the parcel.