VW planning to buy Potamkin’s flagship store in Manhattan

Article by Christian A., on August 25, 2010

The Potamkin family has sold off its flagship dealership in Manhattan to the Volkswagen Group of America. The agreement, which was signed on Friday, will allow the conversion of the property into VW and Audi stores. VW confirmed plans to buy the 265,000-square-foot store at 11th Avenue and 56th Street from Potamkin Auto Group.

Currently, the building houses Potamkin GM, which has Cadillac, Chevrolet, Buick, GMC, Hummer and Saab franchises. Brothers and co-owners, Robert and Alan Potamkin, said that they are moving the six franchises five blocks south on 11th Avenue into a smaller store that housed Potamkin Honda.

Potamkin reveals that a third of the $125 million that VW is set to spend will go to the renovation of the site. The Honda franchise has been sold to Giuffre Auto Group in the Brooklyn borough of New York City

Giuffre owns Mazda, Hyundai, Kia and Mitsubishi dealerships. Robert Potamkin disclosed that Potamkin GM sells about 1,500 new vehicles each year and its Honda store's sales are about 3,000 units annually.

The reason why the brothers are selling the Honda franchise and moving the GM operations is because property is often worth more than an auto franchise in New York.

The Volkswagen and Audi stores will be run by the Open Road Auto Group, which currently owns an Audi dealership in Manhattan as well as BMW, Mini, Nissan, Mazda, Acura and Volkswagen stores in New York and New Jersey.

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

Just recently, it was speculated that a new Porsche Cayman GT4 RS is coming. There is no official confirmation yet from the German sports car maker, but the arrival of...
by - February 18, 2017
Will there be a BMW M4 CS? Apparently, there is a Club Sport version of the BMWM4 after it was sighted in California doing a shoot for a new commercial...
by - February 18, 2017
Having a 400 hp and 470 lb-ft of torque is a tremendous advantage. Yet Ford hasn’t formally announced the numbers regarding its latest Ford Expedition. The current SUV as we...
by - February 17, 2017
Aston Martin and Red Bull’s AM-RB 001 hypercar project is moving along quickly. This time, the project partners have already commissioned a number of technical partners that would help in...
by - February 17, 2017
This is what happens when a guy thinks fast forward into the future. Never mind if autonomous driving is just lurking around the corner. Volkswagen, Chevrolet, Audi and Ford are...
by - February 17, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries