Kelly Liyakasa from the Westchester County Business Journal has a story about the short sale of the luxury Altelier Suites in White Plains. The new buyer, S3 Global Multi-Strategy RTZ L.L.C., reports an excellent relationship with the struggling developer. Completely understandable whenever you can buy a product for half it's original price.
This news is timely when you consider the New Rochelle City Council will vote on whether or not to grant yet another extension to a developer, who many believe, is just not positioned to perform as promised with the Lecount Project. Council will meet Tuesday, June 15th at 7:00 PM.Read more
Entertainment Properties Trust has asked Judge Ortrie D. Smith for a 14 day extension in their case against LC New Roc LP, LLC, a Capelli entity, according to court documents filed in the U.S. District in Western Missouri last week.
On June 11th, J. Emmett Logan, an attorney at Stinson, Morrison, Heckler LLP representing EPT filed the request:
The extension is requested because the parties have executed a Letter of Intent to settle all claims in this and other actions and, while they have worked diligently to complete the Definitive Agreements that will implement the Letter of Intent, they have not yet completed
The filing goes on to say that both sides have agreed to what would be the second 14-day extension.
Louis Capelli told Talk of the Sound on Friday that he expects to sign the Letter of Intent imminently.
Sources tell Talk of the Sound that as part of the deal, EPT will turn over the City Center at White Plains which has been "upside down" since losing two major tenants, Circuit City and Filene's Basement. The Capelli entity that had been managing New Roc City has already been replaced by CB Ellis.Read more
In an advisory opinion sought by the Talk of the Sound and published on June 10, 2010, the New York State Committee on Open Government has informed the City Council of New Rochelle that the given reason for going into executive session is not valid.
Robert J. Freeman, Executive Director of the New York State Committee on Open Government writes:
...the Open Meetings Law is based on a presumption of openness, and meetings of public bodies must be conducted open to the public, except to the extent that an executive session may properly be conducted in accordance with paragraphs (a) through (h) of§ 105(1). Consequently,
a public body, such as a city council, cannot enter into an executive session to discuss the subject of its choice.
Freeman continues:Read more
An entity controlled by Louis Capelli made an unauthorized $700,000 loan to itself, according to Capelli's partner in the New Roc Entertainment Retail Center. As a result of the unauthorized loan, the investor, Entertainment Properties Trust (EPT), terminated the management agreement with the Capelli entity and seized all bank accounts related to the project. EPT subsequently installed CB Richard Ellis as the day to day manager of the property.
UPDATE: Louis Capelli has responded to our story here, Entertainment Properties Trust Grossly Misrepresented New Roc Deal to Wall Street Analysts Says Capelli, Demands Retraction
Capelli is a partner with Entertainment Properties Trust in New Roc City and, through an affiliate, was also the property manager. EPT began legal action against various Capelli legal entities in 1Q10, including New Roc City in New Rochelle, City Center in White Plains and the Concord Resort in upstate New York.Read more
The New Rochelle City Council made a surprise move this afternoon going into immediate Executive Session with Louis Capelli and representatives of Capelli Enterprises "as a matter of real estate". What makes the move so unusual is that neither Louis Capelli or Capelli Enterprisesown or control any real estate owned by the City of New Rochelle, raising serious questions as to whether the meeting is legal under the New York State Open Meeting Law.
§105. Conduct of executive sessions.
1. Upon a majority vote of its total membership, taken in an open meeting pursuant to a motion identifying the general area or areas of the subject or subjects to be considered, a public body may conduct an executive session for the below enumerated purposes only, provided, however, that no action by formal vote shall be taken to appropriate public moneys:
a. matters which will imperil the public safety if disclosed;
b. any matter which may disclose the identity of a law enforcement agent or informer;
Today when I spoke to Chris Graziano of United Water New Rochelle he told me that changes made in December 2009 to regulate water pressure have created a problem in high rise buildings. United Water says they will have to install water pumps.
This change was made because previously the amount of water pressure in the pipes was unregulated. When asked, he said the City Manager of New Rochelle and the PSC were not informed of this change.Read more
One of downtown New Rochelle’s true retail treasures is AOC Fine Wines.
Located at the intersection of Huguenot and Division Streets (in the Avalon 2 building), AOC Fine Winesspecializes in small production wine makers. Don’t expect to walk into the store and find the mass produced over “oaked” California Merlot or Chardonnay, as you will be disappointed. AOC looks for producers who view wine making as an art. Winemakers who choose to focus on traditional wine making methods and “terroir”. AOC places a high emphasis on the combination of wine and food. They are happy to offer recipe suggestions for all the wines they offer. A customer might be directed to a selection from a lesser known wine region such as Bierzo in Spain or Puglia in Italy. I am sure they will be surprised at the high level of quality they will find at a very reasonable price.
One of my favorite selections is a Spanish wine from Ribeira Sacra called Abadia da Cova. AOC offers this wine for about $28.00 a bottle. It reminds me of a Brunello di Montalcino, a wine that would start at roughly $60.00 a bottle.Read more