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
The purpose of this article is not to say that there have been no benefits whatsoever to the development of New Roc City, Trump Plaza or the Avalons and other projects. There have been some benefits.
The purpose of this article is to give critics of the Idoni-Bramson vision for New Rochelle a language with which to articulate their opposition to specific completed projects, a reason to celebrate the demise of LeCount Square and the apparent demise of the Echo Bay Project and a basis upon which to demand a true, full cost-benefit analysis of imagined future projects like the Main Street Corridor and David's Island. It is not to be "against virtually everything" to demand that any proposed tax-payer funded government intervention in our local economy is made to consider the "unseen" costs of the projects, the possible unintended consequences of a project and be based upon an independent, verifiable cost-benefit analysis that is then used as a benchmark to check and recheck progress on a particular project at each phase in the development.
Talk of the Sound asks what a 19th century French economist and political philosopher can teach us today about men like Noam Bramson, Tim Idoni, Louis Capppelli and the Ratner Family.Read 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
Talk of the Sound broke the news of the falling out between Entertainment Properties Trust and Capelli Enterprises in June 2010.
A Freedom of Information Law request was made at that time in order to obtain a copy of the formal notification from EPT and the City of New Rochelle. Here is EPTLetter.pdfthe letter:
April 29, 2010
To whom it may concern:
Effective as of the date hereof. New Roc Associates, L.P. a New York limited partnership ("New Roc Associates") and the owner of New Roc City
entertainment retail center (the "Center"), has terminated New Roc Management, LLC as the manager of the Center and appointed C Richard Ellis, Inc.
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.
How many bargain hunters missed this one? According to the Miami Herald, Chatham Lodging Trust also purchased a Marriot in Long Island. Welcome to New Rochelle!
Do you think Mr Cappelli will use the windfall to pay off the almost 25 million owed to contractors from his troubled Concord Project in the Catskills? The money comes just in time as the developer is all but embarrassed into making good on his agreements with New Rochelle regarding the Anderson Street property.Read more