Higher temperatures bring thoughts of spring. Soon we’ll be seeing flowers bloom. But not all lthe flowers stay in the yard. For every flower or plant, moving from the earth in which they are planted to someone’s yard, table or wedding, there has to be a container. Hence the growth of pottery and planters wholesalers, Planter Resource Inc. and Pottery King Inc. That growth has enabled them to purchase a 26,000 foot facility in Coram where they will use 17,000 feet to consolidate warehouse operations from the NYC Flower Market District and Coram in one space while, while still maintaining retail space in both locations.

    Planter Resource Inc. wholesales planters and pottery to florists, event planners, designers and architects. The product line is extensive with products made of aluminum, cast iron, ceramics, cold finish, fiber-con, fiberglass, glassware, terra cotta, zinc and others. Its sister company, Pottery King, was formed to add additional products to the line and expand distribution to farmers markets, nursery outlets and garden centers.

    Joseph King and his son, Joseph Jr. are the owners and operators of the companies. Joseph Sr. has over 25 years experience selling similar products.

    Planter Resource Inc. and Pottery King Inc. leased some space in Coram in 2001 and over the years have grown significantly. When the initial lease came up for renewal, the companies were able to arrange to purchase the entire property which sits on 2.8 acres and has total space of 26,100 SF.  Initially, the companies will occupy 17,000 SF of the space for consolidated warehouse operations and rent out the rest of the building. Planter Resource will maintain its offices in NYC.

    Financing for the project was provided by First National Bank of Long Island (50% first mortgage), and Long Island Development Corporation (40% second mortgage), with the buyers putting in just 10%. LIDC’s loan was for 20 years at a fixed rate below prime. William Riley, VP First National Bank of LI and Steve Goad, VP LIDC worked together to structure and underwrite the deal so that it would be feasible for the company. The LIDC second mortgage was done through the SBA 504 loan program which provides 40% second mortgages at a below prime fixed rate for 20 years. Available throughout NY, NJ and Connecticut from LIDC, the 504 loan permitted Planter Resource Inc. and Pottery King Inc. to preserve their cash for working capital needs of the expansion.