Limo Property Expansion
The high price of fuel is affecting the profit margins of some limousine operators. However, while some limo hire companies are struggling, others are booming and need even more space to accommodate their expansion.
Take the case of ‘The Bermuda Limousine Co’; it is selling its three story 27,000-sf garage at 537-543 W. 20th St. The property is expected to fetch upwards of $20 million. Locally-based Eastern Consolidated has been tapped to exclusively market the site which is located on the north side of 20th Street between 10th and 11th avenues.
The Bermuda Limousine Co. will continue to operate; however, the company plans to re-locate to new premises in Long Island City, although details of the relocation are yet to be disclosed. The reason that Bermuda Limousine chose to sell, was because the business is burgeoning, so they need more space, and because with real estate prices being what they are today, it was the right time in the real estate cycle to sell.
For any one acquiring the Bermuda Limousine site, it represents a fabulous opportunity to secure a prime foothold in the heart of the High Line District. It is an area so sought-after now that fewer and fewer sites available; space is better used for redevelopment. The site should attract developers, users such as gallery, restaurant and entertainment, and investors who want to reap the rewards of the neighbourhood which has a higher concentration of galleries per sq ft than London.
The high price of oil and the resulting high price of fuel are having as much a psychological effect on business confidence as they are physically. Although, fuel costs are hurting the bottom line of high end limo hire companies, the smart operators are doing something about it, and are trying to manage the problem. They are offering consumers more choices when hiring; smaller and more economical limos as well as petrol-electric hybrids are appearing.
So, you don’t need to go and buy that horse just yet. You will be able to hire a limo into the foreseeable future and enjoy the comfort and style that goes with riding in a luxury limousine, just contact HireLimos now.
