In a bid to raise cash, as well as reduce future expenditures, General Motors has begun selling off some of its more diverse assets, ranging from a nine-hole golf course in New Jersey to a toxic waste site in a former metal foundry in Massena, New York.
The former foundry, which once built aluminum cylinder heads for the Corvair, generated a tremendous amount of PCB sludge and hydraulic fluid waste that eventually made its way into the St. Lawrence River.
“It was created by GM dumping hazardous waste on the banks of the river, such that the waste oozed into the water and the land,” said John Privitera, a lawyer for the tribe at McNamee Lochner Titus & Williams PC in Albany, New York, told Bloomberg. “It was picked up by animals and moved up the food chain through fish and into Mohawk women — into their breast milk, into their babies.”
If GM held onto the property, it would cost about $225 million to clean it up and restock the river – something that a new buyer will now be responsible for doing.
Then there’s the Hyatt Hills Golf Complex in Clark, New Jersey, which the automaker built on the grounds of a former factory in the late 1930s.
The new GM hardly needs to be in the golf course business,” said Tom Wilkinson, GM’s director of news relations, in an email to Bloomberg. “The old GM will be selling a lot of potentially valuable but peripheral property the company accumulated over 100 years, kind of like a big garage sale. You will see some really good real estate deals come out of this for investors and communities.”
07/02, 2:54 PM
posted by:
sprockkets
Why not keep the golf course? That’s all the new execs will be doing anyhow with the new GM.
07/02, 2:58 PM
posted by:
Ed103
So…GM is selling toxically polluted land that the enw owner will have to clean up and ensure that animals are reintroduced? Oh yeah, I bet lots of people will be jumping to acquire that. Stupid GM.
07/02, 3:05 PM
posted by:
idrinorbarsaku
I feel sorry for all those poor breasts that had to go through all of gm’s crap!
07/02, 3:07 PM
posted by:
05Z88Path
Most of New Jersey IS a toxic waste site. A golf course built over on old factory is actually a significant improvement!
07/02, 3:08 PM
posted by:
chryslercurse
i would keep the golf course too why do you think Obama bought GM , to play , and have a cigerette when hes in NEW JERSEY ….. He should practice what he preaches
07/02, 3:11 PM
posted by:
TL
Finally, some fiscal responsibility.
07/02, 3:13 PM
posted by:
leftwingagenda
good move for the company, and i’m guessing there will be some bargains to be had for developers…it’s not exactly a sellers real estate market these days…
and “cigerette”? somebody is a little too hooked oh phonics…
07/02, 3:38 PM
posted by:
johnnycanuck
By the sounds of it they may need the proceeds from the toxic waste site to cover the lawsuit.
07/02, 4:56 PM
posted by:
Borat
Ah what to worry? We (the people) will clean all their waste and crap. We have huge Treasury department.
07/02, 5:50 PM
posted by:
KarLoveBoy88
This is pretty strange but somewhat interesting and shocked at the great stints Gm has gone through to rebuild their company. But I do have to agree, the golf course should have been left out of the equation. What does that have to do with building Cobalts and Aveos?
07/02, 10:03 PM
posted by:
aggie531
What??!! GM made a huge 225 million dollar mess and gives it to someone else to clean up. that is absolutely irresponsible.
07/03, 9:27 AM
posted by:
ricky_b
So how much will they get for the Ren Center? Does anyone here watch a show called “Life After People?” On one episode they showed what would happen to that building in a world without people. Maybe it was prophecy.