GloucesterTimes.com, Gloucester, MA

Business

October 3, 2012

Cape Ann Tool Co. changes hands

The old Tool Company building situated on the Granite Street waterfront has been sold to a company with the same manager as the company that owns the Yankee Clipper Inn.

Cape Ann Tool LLC bought the building and property, situated on the waterfront for $1.5 million, according to the state Registry of Deeds. In January the property, up for sale since 2011, was listed at $2.95 million, according to a report by Rockport’s Tool Company Task Force.

Michael Rauseo, listed as manager, real property owner and signatory for Cape Ann Tool LLC’s filings, is also the manager and signatory for Yankee Clipper LLC, the company that owns the Yankee Clipper Inn on Granite Street.

Cape Ann Tool LLC, formed the day before purchasing the Granite Street property, is not the same company as the original property owner, Cape Ann Tool Co., which dissolved in 1987, according to state filings.

Rauseo has been a part-time Rockport resident for about 50 years.

For more on this story, look to tomorrow’s print and online editions of the Gloucester Daily Times and gloucestertimes.com. To have text updates regarding this story and other local breaking news coverage, just sign up for the Times’ free text-alert service on the gloucestertimes.com homepage. For more updated coverage, follow the Times’ news team on Facebook or via Twitter.com @gdtnews, or @gdtsports.

Marjorie Nesin can be reached at 978-283-7000 x3451, or mnesin@gloucestertimes.com.

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