New York Times Building Steel Is AMEC’s in Pre-Auction Deal
AMEC Construction Management Inc. struck a deal with the bank and liquidation trustee for Interstate Iron Works Corp. to acquire much of the steel needed for the new New York Times Co. headquarters being built in Manhattan. The settlement avoided the need for New York City-based AMEC to bid for the steel at the two-day March 23-24 auction of the steel fabricator and erectors assets at its headquarters in Whitehouse, N.J.
Bidders paid a total of $3.56 million for the rest of Interstates assets, excluding its real estate. Interstate suddenly ceased operations Dec. 22, 2004, because AMEC cut its payments to Interstate while the firm struggled with drastically increased steel costs, the bankruptcy of its joint venture partner and other troubles, claims CEO Robert Abramson (ENR 3/21 p. 25).