Catskill Resort Sold: Can someone explain this? It's in today's local paper. On Monday, July 31, the property was sold by Hudson Valley NY Holdings LLC of Walden to Valley Ridge...

jerryc41 Loc: Catskill Mts of NY

Can someone explain this? It's in today's local paper.

On Monday, July 31, the property was sold by Hudson Valley NY Holdings LLC of Walden to Valley Ridge Retreats LLC, of Kerhonkson, for $7.5 million, records show. That same day, Valley Ridge Retreats sold the property to Hudson Valley Resort Holding LLC, this time for $12 million.

Longshadow Loc: Audubon, PA, United States

Ollieboy

Creative accounting.

Longshadow Loc: Audubon, PA, United States

Ollieboy wrote:

Creative accounting.

RolandDieter

Was fully depreciated, and they wanted another round of write-offs?

michaelfromva

Maybe a typo in the Daily Freeman. For more about this which was the former Granit Hotel, and other former hotel sites in the Catskills, see: https://rcbizjournal.com/2023/08/16/failed-purchaser-of-palisades-hna-loses-hudson-valley-resort-in-legal-feud/

Evidently some of this is related to a dispute between two former partners.
On a related note: a few weeks ago we traaveled to attend a Borscht Belt Festival in Ellenville, NY where a Borscht Belt Museum is set to open in two years. At this event there were displays planned for the museum which will be housed in a former bank building. There were also lectures and other events celebrating the Borscht Belt Era.

jerryc41 Loc: Catskill Mts of NY

michaelfromva wrote:

... a Borscht Belt Museum is set to open in two years.

That should be interesting.

Lens Cap Loc: The Cold North Coast

jerryc41 wrote:

Can someone explain this? It's in today's local paper.

On Monday, July 31, the property was sold by Hudson Valley NY Holdings LLC of Walden to Valley Ridge Retreats LLC, of Kerhonkson, for $7.5 million, records show. That same day, Valley Ridge Retreats sold the property to Hudson Valley Resort Holding LLC, this time for $12 million.

Money Laundering at it's finest!

cdayton

michaelfromva wrote:

Maybe a typo in the Daily Freeman. For more about ... (show quote)

I grew up near Ellenville during the Borscht Belt Era. There were two theaters with A/C in Ellenville so we often visited during the summer. The closest resort was the Nevele (11 spelled backwards).

jerryc41 Loc: Catskill Mts of NY

cdayton wrote:

I grew up near Ellenville during the Borscht Belt Era. There were two theaters with A/C in Ellenville so we often visited during the summer. The closest resort was the Nevele (11 spelled backwards).

In the 1950s, A/C was a big selling point for movie theaters.

dpullum Loc: Tampa Florida

Ho hum, making 4.5 million in a day... Jerry you missed out you could have bought it first and would not have had to have the money since you could have resold it the next day and afforded a bigger car for your Avatar.

jbk224 Loc: Long Island, NY

jerryc41 wrote:

Can someone explain this? It's in today's local paper.

On Monday, July 31, the property was sold by Hudson Valley NY Holdings LLC of Walden to Valley Ridge Retreats LLC, of Kerhonkson, for $7.5 million, records show. That same day, Valley Ridge Retreats sold the property to Hudson Valley Resort Holding LLC, this time for $12 million.

Thanks to post referring to the news article, it appears that these are the salient facts:
The original owner is Hudson Valley NY Holdings LLC. The final owner is Hudson Valley Resort Holding LLC. Two different companies.
The original two owners #1 and #2 were in litigation in NY Supreme Court (Brooklyn). The court appointed receiver had a 3rd party offer of $7.5m for the property. The court's terms were right of 1st refusal to purchase to owner #1--and if declined, offer to owner #2, and if declined..sell to 3rd party. Owner #1 purchased as Valley Ridge Retreats and then sold to developer Hudson Valley Resort Holding LLC.

jbk224 Loc: Long Island, NY

My question is...why is it the court appointed receiver 'only' had the $7.5m offer and knew nothing about the $12m deal that ensued? Something fishy.....

Fredrick Loc: Former NYC, now San Francisco Bay Area

Money laundering?

jbk224 Loc: Long Island, NY

No. Not at all.