Woodstock Times article, by Sep 18, 2014 • 5:00 pm
(Photo by Dion Ogust)
Pharmacist and WellCare founder Ed Ullman’s plans to buy the Phoenicia
Pharmacy have been scotched by the refusal of the Catskill Watershed
Corporation (CWC) to grant him a low-interest loan for renovating the
property. Ullman’s is the second application to the CWC since the
Phoenicia town board’s failure to act on the sewer system proposal
resulted in New York City’s withdrawal of funds from the project in
2012. Both Ullman and the previous applicant, Mike Ricciardella, who was
seeking a loan to renovate the former Al’s Restaurant, were turned down
by the CWC.
Ricciardella succeeded in obtaining private financing for his new
restaurant, now renamed The Phoenician and scheduled to open this fall
in its expanded building on Main Street. Ullman pointed out that
Ricciardella, as owner of three other restaurants in town, has plenty of
collateral, and The Phoenician is not in the floodplain. Ullman,
doubtful about the prospects of getting a private loan for the pharmacy,
has withdrawn his purchase offer.
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