Is This the Sign of the Times for the Cappelli Organization or is it Just a Going out of Business Sale?

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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.

If you feel another extension at this time would be wrong, call your council member, the mayor, and the city manager. Ask them this question, "Did you discuss anything at the executive session that did not involve the actual or proposed acquisition, sale or lease of real property?". You'll know if they're telling the whole of it. Many believe Council has improperly hidden much of the discussions behind the curtain of "executive session" in their last meeting with the Cappelli organization. In fact, as you might have read, the Committee on Open Government has raised some doubt regarding the propriety of these actions. There has even been talk of legal challenges being filed against the city for failing to comply with open government laws.

At the very least, a judge, or some other impartial panel should review the transcript (if one exists) to determine just what the taxpayer is entitled to view.

One call will answer your questions.

Noam Bramson, Mayor Phone: (914) 654-2150 Fax: (914) 654-2357 E-mail: nbramson@newrochelleny.com

Louis Trangucci, Council Member, District #1 (914) 235-0499 E-mail:Louistrangucci@aol.com

Albert Tarantino, Council Member, District #2 Contact Number:914 633-1985 E-mail: ataranti@newrochelleny.com

James Count Stowe, Council Member, District #3 Phone/Fax: 914 633-1049 E-mail: JAMESCOUNT@AOL.COM

Richard St. Paul, Council Member District #4 Phone: (914) 420-6887 E-mail: rstpaul@newrochelleny.com

Barry R. Fertel, Council Member, District #5 Phone: (914)-740-4346 E-mail:bfertel@newrochelleny.com

Marianne L. Sussman, Council Member, District #6 Phone: (914-740-7385 E-mail: mariannesussman@optonline.net

" “The mischief springs from the power which the monied interest derives from a paper currency which they are able to control, from the multitude of corporations with exclusive privileges which they have succeeded in obtaining...and unless you become more watchful in your states and check this spirit of monopoly and thirst for exclusive privileges you will in the end find that the most important powers of government have been given or bartered away…. - Andrew Jackson, Farewell Address, 1837”

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