If New Rochelle officials ever wondered why New Rochelle residents do not trust the real estate developers who, in exchange for grand but vague promises, are offered generous tax abatements, coddled by the New Rochelle IDA, offered public property giveaways and granted repeated MOU extensions despite a complete lack of progress on developing projects, they need to look no further than the once active apartment building at the corner of North Avenue and Anderson Street.
The building known as "5 Anderson" is a monument to the unreliability of promises from real estate developers and the gullibility of city officials when dealing with them.
In never before seen photos of the interior of 5 Anderson (after the jump), obtained exclusively by Talk of the Sound, the utter devastation of the building is clear. Every single room, in every single apartment has been gutted and otherwise left unusable. Exterior photos show the faded remains of window treatments installed under the terms of a 2010 MOU extension obtained by Cappelli Enterprises under the condition they beautify the outside of the building and address various code violations. Additional photos in the slideshows below.Read more
John Golden has a must-read article today in the Westchester County Business Journal, New takes on New Rochelle development
Golden talks with Mayor Noam Bramson, Development Commission Michael Freimuth, City Council Member Al Tarantino and Cappelli Enterprises spokesperson Joe Apicella.
The big news coming out of the article is that announced attention of Cappelli Enterprises to submit a scaled black for LeCount Square.Read more
In the December 13 issue of the Westchester GuardianRead more
Talk of the Sound has been seeking comment from Cappelli Enterprises since last week.
Today we got an answer.
"The company has no comment at this time".
And so it ends, not with a bang but a whimper.Read more
The City of New Rochelle confirmed this evening that the terms of the MOU Extension for the LeCount Square project granted to Cappelli Enterprises by the City Council in June 2010 have not been met. Asked if any documents had been submitted by Cappelli regarding the purchase of the U.S. Post Office building in downtown New Rochelle, City spokesperson Kathy Gilwit answered simply "no".
A few days earlier, the United States Post Office confirmed to Talk of the Sound that no discussions had taken place regarding the sale of the main New Rochelle Post Office. Workers were recently observed painting the interior of the building.
City Council Member Al Tarantino said he considered the deal dead and noted that there was little support on Council for considering any further extensions. for Capelli Enterprises.
Cappelli Enterprises officials were reportedly away on holiday but their PR firm expected to have a formal statement next week.Read more
The Times Herald-Record is reporting that Louis Cappelli of Cappelli Enterprises has resigned from the company's board.
...the company announced that Concord owner Louis Cappelli resigned from the board in December to pursue other business interests. Cappelli was a one-time partner of Empire Resorts in a $1 billion resort plan at the Concord. The plans fell apart when the economy went sour.