BUILDING & REALTY NEWS

VOL 5 NO 2 SERVING WESTCHESTER AND THE MID-HUDSON REGION MARCH/APRIL 2006 Byram Hills, Bedford School Districts would lose big $$$: THE North Castle Gets Earful From Residents, Property HANLEY Owners & Builders on Planning/Rezoning Proposals

REPORT ARMONK-Since public hearings com- menced in January, the Town Board of Public Hearings on the DGEIS and Related North Castle has been contending with a small avalanche of studies, critiques Regulations Proposed for North Castle and citizen criticism of its rezoning plan ARMONK – At its March 23 meeting, the North Castle Town Board closed the and related regulatory changes, as de- public hearing on the DGEIS in connection with the Moratorium Planning and Industry Firm Helps veloped by long-time consultant to the Zoning Study. to Create a town, David Portman. The period for written comments will remain open until April 15, 2006. The “At least two-thirds of the audience public hearings on the proposed local laws and amendments to the Town Devel- Happy Ending for at each public hearing appeared to opment Plan map will remain open. a Local Business have serious questions and misgivings Supervisor Berman emphasized that, in the end, the Town Board may approve about the effect the town’s proposals all of the local laws, none of them or some of them, and not necessarily in their By JEFF HANLEY would have on the use of their homes present form. and property” noted Albert Annunziata, The Board plans to schedule public informational sessions to present these see page 3 executive director of the Building & Re- laws so that the public will understand them and their implications. alty Institute (BRI), a 1500-member Albert A. Annunziata, executive director of the Building and Realty Institute construction and real estate-based pro- (BRI), offered Supervisor Berman the resources of the BRI at any public informa- CO-OP fessional trade association based in tion sessions that the Town Board may hold. At the March 23 meeting, he pre- North Castle. sented the supervisor and the town board with a copy of the BRI’s 2006 Directory CONDO The BRI had been approached by at of Professional Speakers and Consultants, for the town to avail itself of the BRI’s least a dozen private homeowners, various consultants and services on a pro-bono basis. CORNER property owners and local builders in The next Town Board meeting will be on Tuesday April 11, at 7:30 p.m., at the Continued on page 3 Town Hall Meeting Room in Armonk. - An IMPACT Staff Report AOAC Begins Its Preparations for Guidelines Hearings Them Against Us – By Jeff Hanley, IMPACT Editor A Look At the WHITE PLAINS – Representatives of “We stress every year that it is ex- emphasize it enough – we need the the Apartment Owners Advisory Coun- tremely important that owners and man- AOAC membership to help us. In turn, Board/Resident cil (AOAC) are preparing for the realty agers testify on the continuing in- that will help us help our members.” Relationship industry’s testimony on rent guideline creases in costs the realty sector is fac- Nilsen added that the AOAC will keep increases for rental apartment buildings ing,” Nilsen said. “We urge our mem- its members updated on all events re- By HERB ROSE affected by the Emergency Tenant Pro- bers to attend and to offer their indi- lated to the association’s preparation see page 4 tection Act (ETPA). vidual struggles with their day-to-day campaign and the public hearings/de- AOAC officials said last week that the costs to the guidelines board. We can’t liberations. association will soon begin to coordi- COUNSELS’ nate the industry’s presentations for the CORNER: upcoming public hearings and delibera- Goloven to be Keynote tions of the Westchester County Rent Unsold Shares – The Guidelines Board. Speaker at Industry Meeting Law Reversed…and The board, at its March 30 meeting, By Jeff Hanley, IMPACT Editor tentatively scheduled the dates of the New Problems public hearings and deliberations. The WHITE PLAINS – Marc Goloven, a times and locations will be announced, noted economist, will be the keynote the board said. The dates for the public speaker at the April 20 General Mem- hearings are: bership Meeting of the Building and •June 15 (Mount Vernon). Realty Institute (BRI). •June 22 (Yonkers). The meeting, scheduled to begin at •June 28 (White Plains). 6:30 p.m., will be at the Crowne Plaza The board’s dates for its deliberations Hotel in White Plains. The conference (both in White Plains) are: will also feature a panel of banking and •June 29 finance analysts. The state of the •July 13 (if necessary). economy will be analyzed by all of the The nine-member board is the entity speakers. The complete list of panel that annually rules on increases for members will soon be announced, lease renewals. The board reaches its event officials said. decision after three public hearings and Goloven is recognized as one of the separate deliberations. The decision leading economists in the New York Marc Goloven will affect rent adjustments for one or Metropolitan area. He is consistently two-year leases which begin between featured in media reports and speaks October 1, 2006 and September 30, regularly on economic issues and their Non-members are also welcome. 2007. effects on the business community. For reservations and further informa- The meeting is open to all members tion, call the BRI at (914) 273-0730. The Annual Call to Owners of the BRI, as well as its component The BRI is a building, realty and con- By KENNETH J. FINGER, and Managers for Help associations, the Apartment Owners struction industry membership organi- CARL L. FINGER and AOAC Chairman Ken Nilsen said that Advisory Council (AOAC), the Coop- zation. The association, based in DANIEL S.FINGER the association will once again stress erative and Condominium Advisory Armonk, has more than 1,500 members see page 2 the need for realty industry members to Council (CCAC) and the Advisory in 14 counties of New York. The BRI is th deliver testimony at the public hearings. Council of Managing Agents (ACMA). marking its 60 anniversary this year. PAGE 2 - IMPACT - MARCH/APRIL 2006 Unsold Shares – The Law Reversed…and New Problems COUNSELS’ “ We suspect that each new decision will bring a CORNER: myriad of new problems, particularly in a day and age when the Attorney General’s office is not very proactive By: Kenneth J. Finger, in this field on behalf of Cooperatives.” Carl L. Finger and Daniel S. Finger,

Finger & Finger, Chief Counsel, Building & Realty Institute (BRI) ers (see Susser v. 200 E. 36th tween the Sponsor and the Owners Corp., 262 A.D.2d “Holder of Unsold Shares.” 197, 198, 692 N.Y.S.2d 334; Query: What about when a WHITE PLAINS - Previously, merely extinguishes them ‘ “ N.Y.3d 54, 59, 799 N.Y.S.2d Mogulescu v. 255 W. 98th St. lender takes back shares? Is your authors have written (id. [quoting Craig v. Riverview 433, 832 N.E.2d 707, the Court Owners Corp., 135 A.D.2d 32, this a sale to the public? about being a Holder of Unsold E. Owners, 156 A.D.2d 157, of Appeals virtually reversed 523 N.Y.S.2d 801; 1326 Apt. Query: Can a person “self- Shares. 158 (1st Dept 1989) ] ). 15-plus years of precedent. In Corp. v. Barbosa, 147 Misc.2d designate” as a holder of un- Many cooperative boards A Memorandum by the of- a sweeping decision, the Court, 264, 268, 555 N.Y.S.2d 560). sold shares and then deny the have been frustrated by the fice of the Attorney General in as quoted by a later case, Nor did the plaintiff breach Cooperative’s ability to chal- benefits accorded a “holder of 1987 succinctly encapsulated stated that: any obligation to the defendant lenge that designation. We unsold shares.” For the unini- all of the requirements to be a “Contrary to the by failing to sell the disputed think a cooperative will apply tiated a “holder of unsold “holder of unsold shares” and [Cooperative’s] contention, the shares to a bona fide pur- the business judgment rule and shares” is generally a succes- Assistant Attorney General regulations promulgated by the chaser for occupancy within it will be up to the court to rec- sor to the Sponsor of a Coop- DeStephan’s memo was re- Attorney General to govern the any given time frame (cf. 511 oncile. erative and can inherit the ben- peatedly quoted approvingly by conduct of holders of unsold W. 232nd Owners Corp. v. Jen- Query: Is a sale exempt from efits accorded a sponsor, i.e., the Supreme and Appellate shares of residential coopera- nifer Realty Co., 98 N.Y.2d 144, Kralik? the right to lease or sell an courts. The cases were legion tive corporations (see 13 746 N.Y.S.2d 131, 773 N.E.2d It would appear from the apartment without having to and virtually universally fol- NYCRR part 18) are inappli- 496; West Gate House, Inc. v. strict language of Kralik as well obtain the permission of the lowed over past years, al- cable to the plaintiff [purported 860-870 Realty, LLC, 7 A.D.3d as later cases that one could Board of Directors. though rarely, if ever, was the “holder of unsold shares”] “un- 412, 776 N.Y.S.2d 482).” reasonably make this argu- Over the years, many cases, issue squarely put before New less and until [he] offer [s][the] Thus, in one fell swoop, the ment and that Kralik only ap- such as Gorbatov v Gardens York’s highest court, the Court shares for sale to the public, Court of Appeals stated (upon plies in sublease situations. 75th St. Owners Corp., 247 of Appeals. and, in that event, only the At- the Attorney General’s request Query: Is an offer from one A.D.2d 440 (2d Dept 1998) Cooperatives were feeling torney General may enforce in its “amicus” brief in Kralik), or two people an offering to the were cited in support of the more comfortable with the Part 18’s requirements”(Kralik that only the Attorney General “public” thereby rendering proposition that certain share- Levandusky, Pullman and Lon- v. 239 E. 79th St. Owners had the authority to question Kralik inapplicable? holders were not holders, re- don Terrace cases giving the Corp., 5 N.Y.3d 54, 59, 799 the status of a holder of unsold gardless of their claimed rights Boards of Directors more free- N.Y.S.2d 433, 832 N.E.2d shares, and that regardless of Answers on the Way under the cooperative’s gov- dom to act without judicial in- 707). whether or not a shareholder We should have the answer erning documents, unless they terference so long as they Thus, a determination as to was “designated,” or there was to some of these questions also complied with regulations acted in their “business judg- whether the plaintiff is a holder a “guaranty of maintenance” or shortly as there are several promulgated by the Attorney ment.” of unsold shares should be whether or not the shareholder cases, including two from our General under article 23-A of Those who could not prove made “solely by applying ordi- was set forth in an amendment office, working their way the General Business Law (the that they had complied with the nary contract principles to inter- as a “holder of unsold shares”, through the system. But we “Martin Act”) and codified at 13 requirements of Part 18, to be pret the terms of the docu- or registered as a “broker- suspect that each new decision NYCRR Part 18. a “holder of unsold shares” , in ments defining [his] contractual dealer” was not to be raised by will bring a myriad of new prob- The courts also generally short, designation by a “spon- relationship with the coopera- the Cooperative. lems, particularly in a day and held that the normal provision sor,” guaranty of maintenance tive corporation” (Kralik v. 239 Thus, a literal reading of the age when the Attorney in a Proprietary Lease that a by the sponsor, registration as E. 79th St. Owners Corp., su- decision might lead one to be- General’s office is not very pro- person remains a holder until a broker-dealer, among others, pra at 54, 799 N.Y.S.2d 433, lieve that a Cooperative might active in this field on behalf of he/she actually purchases an were treated as ordinary share- 832 N.E.2d 707), including the not even be able to raise this Cooperatives. apartment for personal occu- holders and could not utilize relevant offering plan, amend- defense when brought to litiga- As the cases develop, it will pancy was limited. The courts the special exemption from ments to the plan, and the pro- tion by an alleged “holder of be of interest to note whether determined that, contrary to the Board approval. prietary lease (see Riggin v. unsold shares.” or not the Courts expand on the purported “holder of unsold Balfour Owners Corp., 137 Trouble decision of the Court of Ap- shares’” contentions, they were A.D.2d 799, 525 N.Y.S.2d 347). A Series of peals, thereby further limiting not holders merely by virtue of Then, last June, for the ma- Where, as here, there is Unanswered the ability of a Board of Direc- their compliance with section jority of cooperative boards, di- nothing in the record to indicate Questions tors in this one area to exercise 38(a) of the proprietary lease. saster! that the plaintiff offered the Your authors believe that its business judgment or “[Such a provision, alone, In the case of Kralik v. 239 shares in dispute to the public, cases that follow will not be as whether there will be a loosen- ‘does not create rights ... it E. 79th St. Owners Corp., 5 or intended to offer them for strictly construed and will allow ing of the constraints so as to sale, the defendant may not leeway by a Board of Directors give full meaning to the Attor- condition the plaintiff’s status in appropriate cases, such as ney General’s regulations and as a holder of unsold shares on set forth below. There are, as the New York State Code his compliance with the provi- always, questions left unan- which provided valuable guid- sions of 13 NYCRR part 18 swered. ance for determination of when (see Kralik v. 239 E. 79th St. Query: In order to be a a person is or is not a “holder Owners Corp., supra ). “holder of unsold shares” and of unsold shares.” The language of the relevant BUILDING & have the status interpreted by Stay tuned! offering plan, plan amend- ordinary contract principles, is Editor’s Note: The authors ments, and proprietary lease there a requirement that the al- are with the law firm of Fin- REALTY NEWS established the plaintiff’s en- leged “holder of unsold shares” ger and Finger, A Profes- titlement to judgment as a mat- have purchased directly from sional Corporation. Finger ter of law on the cause of ac- Publisher: ALBERT ANNUNZIATA the sponsor? and Finger is chief counsel tion for a declaration that he is Executive Editor: JEFFREY R. HANLEY We think this is a reasonable to the Building and Realty a holder of unsold shares, and Editorial Assistants: SSUE PINTO, JANE GILL, interpretation of the Court’s Institute of Westchester and thus exempt from sublet fees Art Director: BART D’ANDREA decision since to apply “ordi- the Mid-Hudson Region and the need to obtain prior Advertising Consultant: HARRIET K. LERNER nary contract principles” you (BRI). The firm is based in sublet approval from the Photographic Consultant: BARBARA HANSEN have to have a contract be- White Plains. Contributors: CARL FINGER, DAN FINGER, KEN FINGER, ALEX defendant’s board of directors. ROBERTS, HERB ROSE The defendant raised no triable Production: MEADOW ART & DESIGN, FAIR LAWN, N.J. issue of fact in opposition. Additional Facts Published By The Builders Institute/Building and Realty Institute. Subscription, $20 Per Year, Included In Membership Dues. In addition, there is no merit C2006, By The Builders Institute/Building and Realty Institute. to the defendant’s contention All Rights Reserved. No Part Of This Publication May Be Reproduced In Any Form Or By Any Means Without The Written Permission From The Publisher. that Business Corporation Law §501(c) prohibits an offering Entered As Periodical Matter At Post Office, White Plains, NY 10610 plan or proprietary lease from USPS 259-900 IMPACT (USPS 259-900) Is Published Monthly For $20 Per Year By The Builders Institute/Building exempting a holder of unsold and Realty Institute, 80 Business Park Drive, Suite 309, Armonk, NY, 10504. shares from sublet fees or Periodicals Postage Pending At Armonk, NY. POSTMASTER: Send Address Changes To IMPACT, 80 Business Park Drive, board-approval requirements Suite 309, Armonk, NY 10504. applicable to other sharehold- PAGE 3 - IMPACT - MARCH/APRIL 2006

Industry Firm Helps to Createfor thea first Happy time, Hyland said.Endingnew residents for and a office Local work- overall Business tale definitely produced THE HANLEY Hyland added that the ers to the neighborhood. It’s a a “win-win” scenario for all of Mamaroneck Avenue location great, up-and-coming location. those who are involved and af- REPORT was in a residential area that I’m glad Ann brought the op- fected. The result is most defi- most customers reached by portunity to my attention.” nitely the proverbial “feel-good” By Jeff Hanley car. Prudential Rand spokesmen story, similar to when your fa- IMPACT Editor/ “The new location will attract added that The Sports Page’s vorite team finally seals a hard- Associate Director, a lot more walk-ins and lunch new space is 6,600 square fought victory. Credit Prudential Building and Realty Institute (BRI) guests than the old one did,” he feet, about the size of the old Rand’s Commercial Division, said. “It’s also near the Trump- location. The space has seat- as they say in baseball when a WHITE PLAINS – Every so of- time rival. Cappelli revitalization project, ing for 210 guests. relief pitcher clinches a win, ten, a “feel-good” story jumps “In many ways it was a real which will bring hundreds of All things considered, the with “The Save.” out at an editor that just estate transaction masquerad- screams to be told. ing as a business purchase,” An example of that scenario, said Silver. “We had to think involving a member of the lo- outside the box. Bob Hyland cal building and realty industry bought Michael’s Sports Bar, and a popular business, re- but what he really bought was cently occurred here in the lease. I don’t know if a tra- Westchester County. ditional business broker would The tale involves Bob have recognized the value of Hyland’s Sports Page Pub in Michael’s lease, which runs White Plains, one of another 16 years at very favor- Westchester’s most-loved able terms, but the Prudential sports restaurants and bars. Rand Commercial Real Estate The Sports Page, as long- Division did. That’s the differ- Photos by Barbara Hansen time fans of the facility refer to ence.” it, is a longtime traditional Prudential Rand spokesmen meeting place for local sports stressed that Westchester’s fans. Members of the print me- commercial real estate brokers dia have also patronized the have been forced to become EXAMINING THE AFFORDABLE HOUSING ISSUE – Conditions affecting the development of afford- facility over the years. more creative, since the able housing in the Westchester and Mid-Hudson Region were examined at the March 9 General The story also involves Pru- county’s tight retail-space mar- Membership Meeting of the Building and Realty Institute (BRI). Panel members pictured at the meet- dential Rand Realty, a longtime ket means that there are only a ing are, from left to right, Ken Kearney, developer; Rose Noonan, Housing Action Council; Nancy member of the Building and few good locations for restau- Bensal, Housing Action Council; Bill Balter, BRI board member; and Richard Hyman, noted planner Realty Institute of Westchester rants that are available for and program moderator. More than 85 BRI members attended the meeting at the Crowne Plaza and the Mid-Hudson Region lease. Hotel in White Plains. (BRI). The result is that retail-space According to the Commer- brokers often chase “word-of- cial Division of Prudential mouth tips” and find them- REPRESENTING THE INDUSTRY – Representatives of the Rand, an expiring lease for the selves playing business-sale Building and Realty Institute (BRI) have recently voiced the Sports Page at its current matchmaker, or advisors, for concerns of the building and realty industry over proposed Mamaroneck Avenue location clients like Bob Hyland and regulations affecting property owners in the Town of North Castle. The regulations, BRI officials have stressed, are filled presented a big problem for the Michael’s, the spokesmen with negatives for property owners and the industry. Pictured facility. added. at the town board’s March 8 public hearing at the Crittenden But, according to spokes- “The retail-space market is Middle School is Ed Lashins, a past BRI president. Lashins men for Prudential Rand, a re- very tight in White Plains and was one of the BRI officials who testified at the event. A full cent, last-minute move guaran- the rest of Westchester County, report begins on page one. teed that the Sports Page will especially for restaurants,” said stay in White Plains. Silver. “You have to be alert for In a recent announcement, opportunities such as busi- Town of North Castle Gets Earful on Prudential Rand said that the nesses for sale in good loca- restaurant will soon move from tions or residential properties Planning and Rezoning Proposals its current location to down- that can be converted into res- town White Plains. The new taurants.” Continued from page 1 site of the facility will be at 200 Hamilton Avenue in the White An Ideal Solution the town for help in analyzing the found thus far in North Castle’s the monetary justification for Plains Mall. The move, accord- For Bob Hyland, moving to complicated tangle of proposed proposals was the anticipated the town’s rezoning plans and ing to spokesmen from the res- Michael’s former location was regulations and rezoning as part fiscal impact on the town’s three other regulations was invali- taurant, may come as early as a perfect solution to a difficult of the town’s draft generic envi- school districts. BRI consultant dated, the town supervisor was May. situation, Prudential Rand said. ronmental impact statement Richard Hyman, an expert on quoted in the local newspapers Prudential Rand officials Hyland’s lease for the Sports (DGEIS). While access to the the fiscal impact analysis of the as saying the revelation was credited Ann Silver, a repre- Page’s longtime location on proposed regulations and the impact of development on a ‘devastating’. sentative of the firm’s Commer- Mamaroneck Avenue was due accompanying voluminous community, uncovered the error Annunziata maintains that the cial Division, for her efforts in to expire this spring. Finding documentation was available on by the town’s planning consult- many serious questions and er- what they described as an “un- another location was proving the town’s website, the chal- ant, David Portman, as he was rors raised by ordinary citizens usual transaction in difficult. Hyland said he leapt at lenge to understand it all had to checking the methodology used and professionals alike, amounts quarterbacking the deal.” the opportunity to buy be daunting to most of the citi- by the town. to a tremendous service to the “The owners of Michael’s V Michael’s, Prudential Rand zens in town. “The town was touting the North Castle Town Board, and all Restaurant and Sports Café stressed. “What the average citizen of benefits of its rezoning propos- at no cost to the town. owned three locations and “Ann truly facilitated the North Castle would have to do, als by stating that it would “At each of the public hearings wanted to sell their business in whole transaction,” said would be to somehow find the mean a savings to the town on the town’s DGEIS, the BRI and White Plains at a time when I Hyland, who played for the time and expertise to plow over time of over $7 million. But its consultants joined a much happened to know that Bob New York Giants, Green Bay through a couple of hundred thanks to Mr. Hyman’s analy- larger chorus of North Castle citi- Hyland (a former National Packers, Chicago Bears and pages of planning, zoning and sis, the BRI was able to alert zens raising legitimate and serious Football League (NFL) per- New England Patriots. “Ann environmental documentation, the town to the fact that their questions about the so-called former) was looking for space,” grabbed the baton and ran with coupled with voluminous ap- proposals would actually result Portman plan This is construc- she said. “They were a natural it, she made it happen. Down- pendices covering some 47 in heavy losses to the Byram tive criticism. It is professional criti- fit for each other and I brought town White Plains needs this proposed regulations, and then and Bedford school districts,” cism that is slave to neither envi- the two sides together.” type of a bar and this is a great determine what the impact of noted Annunziata. ronmental fanaticism nor builder location. Sports are a common all this might have on their Morever, the Town admitted self-interest but based on solid en- An Uncommon denominator and this is a great property,” noted Annunziata. not only to their mistake, but re- vironmental science, technology, Episode atmosphere for co-workers “Most people, understand- vised their figures to show the engineering, hydrogeology and ably, have neither the time nor change in future potential tax urban planning.” Silver said that the transac- and for friends to come to- expertise to do this, nor the re- revenues for the Byram Hills The BRI has offered the Town tion was unusual for a real es- gether.” sources. When we were ap- school district alone at being a Supervisor and the Town Board tate broker, because it involved Prudential Rand empha- proached by concerned North whopping $12.7 million. For the its services on a pro-bono basis the sale of a company with a sized that The Sports Page’s Castle citizens, we drew on our Bedford Central school district, to continue the public’s educa- valuable lease and was not a new location is surrounded by various consultants’ expertises the change in potential future tion on the Portman plan and its standard tenant-landlord deal offices and apartments, and is to take a critical look at what tax revenues was a more mod- ramifications to the taxpayers or property sale. Hyland had just a few blocks from the train North Castle is proposing,” he est, but nonetheless significant and property owners of North planned to lease space again, station. Pedestrian traffic in the said. $1.5 million. Castle. Silver said, and was surprised area means the restaurant will One of the biggest errors It is not surprising that, once by the suggestion to buy a one- benefit from walk-in customers PAGE 4 - IMPACT - MARCH/APRIL 2006 Them Against Us – A Look At the Board/Resident Relationship

form of Garbage Collection most Building Offering Plans ments to employees through CO-OP Fees. and the New York State Cor- management, instead of short- Add in the increasing costs poration Laws. circuiting the process by deal- of service personnel to run the Has Richard, or others of his ing directly with employees? CONDO buildings, and the persistent persuasion, ever read their Board and/or management cost of repairs in 35-year plus buildings financial reports? are human, like everyone else. CORNER buildings, and you have a per- How about checking cash and They make mistakes, but who BY HERB ROSE fect storm. cash equivalents and compar- else is going to do the mun- Stuart is a passive occupant ing this year to last year, as well dane work of daily operations, in his condo and, more or less, as unpaid bills and uncollected as well as make choices and decisions often based on inad- NEW YORK - Stuart S. owns equate resources and informa- are energy costs (heat, light and occupies a one-bedroom tion? and mechanical consumption, condo on West 70th Street in Owners who value their such as elevators, compactors, Manhattan. Richard D. owns “The enemy and us are one and the same. property would be better etc.). and occupies a two bedroom served by using their efforts to Generally, the cost of these Once we learn to deal with this sameness co-op in Northern Westchester. help the management accom- necessities has almost What do they have in com- of identity, we will solve more problems, plish the endless list of tasks doubled over the last two mon? necessary for building opera- years. be more comfortable for less and enhance Both have been given a tions. Curiously, Stuart controls our property values.” post-Christmas present of a We have met the enemy. and pays for most of his own raise in monthly maintenance, The enemy is us! heat through room units in his which would have been un- The enemy and us are one apartment, while Richard’s heard of in another time. and the same. Once we learn heat comes from a central sys- Twenty-five percent for Stuart to deal with this sameness of tem and is charged to the en- accepts the actions (and raises maintenance? and 14 percent for Richard. identity, we will solve more tire complex. When Stuart in maintenance) as necessary, Personalities and individual In addition, Richard has a problems, be more comfortable opens a window to let out extra with little opposition. Richard, relationships have a great deal two-year assessment of about for less and enhance our prop- heat, he pays for it. When Ri- on the other hand, takes the to do with day-to- day business 14 percent. Many co-op and erty values. chard opens a window to let out position that everything is the operations and while the con- condo buildings are instituting fault of board/management stant escalation of mainte- the same level of maintenance excess heat, everybody pays Herb’s Hints the tab. and pursues a course of con- nance costs is frustrating and raises, or are denying reality by stant agitation. disappointing, perhaps the at- •Replace Smoke and Carbon not raising monthly charges Real Estate Taxes in New Monoxide Detector Batteries. York City, as well as in Foremost in this Don tention and efforts of the and flirting with insolvency. Quixote quest is the support of Richards of this world should •Replace Flashlight Batteries. Everyone’s first reaction is to Westchester County, have Editor’s Note: Herb Rose is gone up substantially as a re- the “Condo/Co-op Bill of go toward cooperation to find someone or something to Rights,” specifically the section soften these problems, instead a co-op and condo consult- blame as the guilty party. O.K., sult of the needs of the munici- ant. He is also a member of palities for funding. In addition, which calls for timely financial of opposition. whose fault is it? You don’t reports. Oddly enough, this Instead of throwing open the the Board of Directors of the have to look far to find that the Westchester localities are col- Cooperative and Condo- lecting an additional tax in the documentation is called for in windows in 10-degree weather major culprits in this mystery to vent excess heat and/or “let minium Advisory Council in fresh air,” how about getting (CCAC). To reach the CCAC, the radiators balanced and ad- call (914) 273-0730. To reach justed? Rose, call (212) 244-1840. He How about channeling com- can also be reached at [email protected]. Interaction Between Co-op/Condo Boards and Residents To Highlight April 24 Conference of Realty Organization By Jeff Hanley, IMPACT Editor ARMONK - Relationships be- community that communica- tween co-op/condo boards and tion and positive relationships shareholders/unit owners is the benefit everyone in the co-op topic of the next General Meet- and condo structure. We will ing of the Cooperative and stress that at the meeting.” Condominium Advisory Coun- Virrill said that full details on cil of Westchester and the Mid- the meeting, including the Hudson Region (CCAC). panel, will soon be announced. The meeting, entitled “Exam- The CCAC is a realty mem- ining the ‘We vs. Them’ Men- bership organization that rep- tality Between Boards and resents more than 400 coop- Residents,” is scheduled for eratives and condominiums April 24, 6:30 p.m., at the throughout the Westchester Crowne Plaza Hotel in White and Mid-Hudson region. Plains. The association, based in “We feel this is a very impor- Armonk, provides a range of tant meeting for our members,” services to its members, in- said Diana Virrill, chair of the cluding meetings and semi- CCAC. “That we vs. them men- nars, mailing services, publica- tality arises from time-to-time tions, labor negotiations, edu- between boards and residents. cation, referrals, lobbying and It’s important to remind all of group insurance. those in the co-op and condo

80 Business Park Drive, Suite 309, Armonk, N.Y. 10504.

(914) 273-0730

www.BuildersInstitute.org PAGE 5 - IMPACT - MARCH/APRIL 2006 CONGRATULATIONS COOPERATIVE & CONDOMINIUM ADVISORY COUNCIL (CCAC) ON 27thYOUR ANNIVERSARY Since 1979, the Cooperative & Condominium Advisory Council of Westchester & The Mid-Hudson Region (CCAC) has been providing important services to more than 400 co-ops and condos.

The CCAC, a non-for-profit membership association serving more than 25,000 co-op shareholders and condo unit owners, has earned statewide recognition for its note- worthy services.

Running today’s co-ops and condos is a challenging and multi-faceted job. The mis- sion of the CCAC is to broaden and sharpen the knowledge of board members to better meet this responsibility.

With offices in Armonk and staffed by association professionals and consultants, the CCAC offers a range of membership benefits to its members. They include:

• Group Insurance • General Legal Advisory Services • Educational Forums • Professional and Technical Referrals • Meetings, Seminars & Workshops • Collective Bargaining Services • A Monthly Newspaper • Investment Advisory • Legislative Services • A Periodic Newsletter • Monthly and Periodic Bulletin Services

The CCAC is proud of its record as the voice of over 400 co-op and condo boards and the corresponding 25,000 shareholders and unit owners.

The organization has consistently stressed the concerns and represented the inter- ests of one of the largest groups of residential taxpayers in Westchester, while pro- viding effective management, education and communication-based services for its members. Congratulations CCAC, on a job well-done! For further information, write to the CCAC at 80 Business Park Drive,Suite 309, Armonk, NY 10504. Inquiries will also be accepted by phone at (914) 273-0730 or e-mail at [email protected]. Look For Us At BuildingandRealtyInstitute.org! PAGE 6 - IMPACT - MARCH/APRIL 2006

Master Development Agreement Unveiled for Yonkers

YONKERS - In what spokes- real estate development, as opment that our city needs and ing forces with Louis Cappelli sary, project officials said. men said will be one of the larg- well as the overall strength of deserves. I am very hopeful and our friends at Struever The scope of the planned est redevelopment programs in the real estate market in the that the City Council will con- Bros. in what will be a dynamic projects, while extensive, will the New York metropolitan New York area. sider and approve this agree- partnership that will bring the be undertaken in phases. area - potentially in excess of ment.” critical mass that’s needed to $3 billion in new projects - three A Major Step make Yonkers a leading city for Phase 1: prominent developers, “I recognize that with this A Well-Known Player creative new development • The Gateway District: The Westchester’s Louis R. approach we are taking a dra- Cappelli, who over the last projects,” he said. “We applaud initial project includes develop- Cappelli, Struever Bros. Eccles matic step,” Amicone said, “but six years has literally reshaped Mayor Amicone for his fore- ment of two city blocks includ- & Rouse and Fidelco Realty the time has come for Yonkers the downtowns of both New sight and leadership in helping ing the site known as Chicken Group have joined forces to to take advantage of the in- Rochelle and White Plains with to bring our three firms to- Island and the Getty Square become the “master devel- credibly strong real estate mar- major new mixed-use retail, gether.” municipal parking lot in the oper” for extensive portions of ket and of the tremendous in- residential and entertainment Bill Struever, president and heart of downtown, just north the downtown, waterfront and terest in new investment we complexes, has become well- chief executive officer, Struever of City Hall. SFC envisions several other areas of Yonkers. are seeing in our city. Rather known for his bold ideas and Bros. Eccles & Rouse, said that building 750,000 square feet of A Master Developer Agree- than continuing to try to de- ability to get major new projects “Yonkers has an incredible mix mixed-use retail, entertainment ment Document was recently velop sites on a scattered ba- built quickly, project officials of people, good architectural and residential development signed by Mayor Phil Amicone sis, I believe that having a mas- said. bones, great topography, and incorporating the minor league at a briefing for the news me- ter developer will create the In the last five years in down- the proximity to the Hudson ballpark and up to 800 units of dia held at City Hall, designat- critical mass needed to get a town White Plains, he has $700 River. The city is poised to be residential housing, along with ing a joint venture partnership series of important new million in new construction ei- one of New York’s greatest cit- major retail facilities, movie the- formed by Cappelli of Valhalla, projects underway in the imme- ther completed or underway. In ies in which to live, work and aters and possibly a hotel. The Struever Bros. Eccles & Rouse diate future. Beyond this, it downtown New Rochelle he play. With Fidelco and Cappelli, Gateway District is seen as of Baltimore and Fidelco Realty gives us a general direction for has completed or is working on we look forward with great stretching east from this area Group of New Jersey as the re-development over the next projects valued at $1 billion. hope for a better and more following Yonkers Avenue to “master developers” for prop- two decades. The approach is With regard to Yonkers, prosperous Yonkers.” Nepperhan Avenue. erties in an extensive area designed to jump start projects Cappelli said: “This is one of • Parcels H & I: These two stretching from the Saw Mill that have been stalled and to the best development opportu- The Details riverfront redevelopment par- River Parkway on the east to keep the momentum going for nities in the entire Metropolitan The mayor stressed that the cels south of the Yonkers train the Hudson River on the west. the long-term future.” area. Mayor Amicone is taking many new development station have been approved for The areas encompassed by He continued: “Both a highly creative approach that projects already underway will new residential construction. the re-development concept Struever and Fidelco are ma- I believe will result in numerous not be affected by the master SFC envisions creating resi- plan represent all of the city’s jor national development com- new projects being undertaken developer designation. dential buildings, parking that central business core, two panies with extensive experi- in a short time span. We are “We have many excellent would also serve the existing miles of its industrialized ence in sophisticated urban re- confident that we can bring ex- developers working in Yonkers Scrimshaw House cooperative riverfront and large areas along development projects in major citing new projects to the table today and we expect that they apartment building and Nepperhan Avenue, Yonkers markets. They have been quickly. Our goal is to get sev- will continue to do so in the fu- riverfront amenities. Avenue and other major down- working with the city over the eral cranes in place and to see ture. The entire approach is to • Larkin Square River Im- town streets. A minor league last two years to get such Yonkers take its rightful posi- get started on the major provement: The much-dis- baseball stadium is included in projects as the Chicken Island tion as one of New York’s great projects that the city wants and cussed concept of “daylighting” the planning, project spokes- development and the Saw Mill cities.” needs and to stimulate devel- the Saw Mill River where it men said. River “Daylighting” project. The Marc Berson, chairman of opment activity on surrounding passes beneath Larkin Square Mayor Amicone said the addition of Louis Cappelli to the Fidelco, based in Millburn, N.J., sites,” he said. will be carried out by SFC. The agreement to designate the effort brings a potent said his company and Struever Throughout the areas cov- waterway will then become an entity - Struever Fidelco Westchester-based develop- Bros. have been planning a ered by the master developer integral part of the public land- Cappelli LLC - as master de- ment force into the city. I am number of projects in Yonkers, plan, there are city-owned and scape in this important down- veloper reflects his desire to extremely confident that work- including a 6,500-seat minor privately owned parcels. Not all town area. For many years en- see a unified and concerted ef- ing together the three compa- league ballpark and waterfront properties would be affected in vironmental groups, including fort made to capitalize on the nies will spearhead a level of residences. all areas. In cases where new Scenic Hudson, have called for strong interest in Yonkers for new investment and redevel- “We are pleased to be join- development is sought, the pri- this to be done. vate developers would seek to • Downtown Waterfront Cor- acquire any necessary pri- ridor: A large area, including vately owned parcels. As a last the Shoprite site and about 10 Managing Agents, Co-op and Condo Boards, resort, the City would consider city blocks lying along resorting to condemnation pro- Hawthorne and Buena Vista Owners and Managers of Apartment Buildings & ceedings if such an action was continued on page 8 Commercial Properties— deemed appropriate or neces- When Preparing For Your Next Exterior or Interior Painting Job, Remember the Following Regarding The Painting & Decorating Contractors of Westchester Inc. (PDCW):

• PDCW members are the largest, most respected and skilled painting contractors in our region. They offer extremely competitive pricing. PDCW contractors carry all required insurance; • PDCW members offer you a trained and reliable workforce. Workers are skilled in safety. They maintain a professional appearance (in uniforms) and carry ID badges with pictures at all times. Your tenants will always know who the workers are. Workers also maintain a professional attitude. They are trained at a state-of-the-art center and are familiar with all industry requirements; • Utilizing PDCW member eliminates the liability that exists when you employ direct hires; • Your worries concerning inexperienced and unskilled contractors producing a sub-standard job will be over after choosing a PDCW member. All who work and live in your buildings or complexes are no longer at risk. The PDCW, the local affiliate of the Association of Master Painters and Decorators of New York, wants to work more closely with you. PDCW members offer the best options for your buildings and complexes. Go with the best in terms of pricing, experience and safety! For further information, call the PDCW, care of the Building & Realty Institute, at (914) 273-0730. PAGE 7 - IMPACT - MARCH/APRIL 2006 Development Study: Cappelli and Trump Hold “Sneak Preview” of Trump Plaza in New Rochelle

NEW ROCHELLE - Poised to Trump Plaza will help boost the Cappelli’s future plans in- coming Westchester’s newest fice building, laboratory and repeat their tremendously suc- resurgence,” Trump said. clude the redevelopment of the hot destination, and Trump parking facilities, including City cessful Trump Tower at City “We’ve taken the process of entire city block opposite Plaza is going to be its best Center and the Trump Tower at Center in White Plains, Louis buying a luxury home in a high- Trump Plaza, known as the address,” Cappelli said. City Center in White Plains, R. Cappelli and Donald J. rise to a new level,” Cappelli Lawton Street Urban Renewal Construction of Trump Plaza and New Roc City in New Trump recently hosted a sneak said. “Since it’s impossible to District. The effort would in- is expected to take 18 months, Rochelle. preview of the spectacular resi- build a model in a high-rise volve approximately 800,000 project officials said. Cappelli has already begun dences of Trump Plaza at the building that’s under construc- square feet of mixed-use de- The Marketing Directors, construction of the Renais- condominium tower’s new tion, we’ve built a one-bedroom velopment comprising hotel, Inc., of New York is the exclu- sance Square hotel-office-resi- state-of-the-art sales center. and two-bedroom apartment office, retail and luxury residen- sive selling agent for Trump dential complex in downtown Cappelli, president and chief into the Sales Center so that tial housing uses. The two Plaza. White Plains and Barger Brook executive officer of Cappelli our future residents will get an projects will provide a vital link Headquartered in Valhalla, Manor, an active adult condo- Enterprises, and Trump led in- unparalleled vision of their new in creating a defined, intercon- Cappelli Enterprises Inc. has minium community in vited guests on a red-carpet homes. Even though there are nected downtown, project offi- developed more than 10 million Yorktown, company officials tour of the Trump Plaza sales seven model types up to 2,200 cials said. square feet of mixed use, re- said. center and designer models, square feet that were not able “New Rochelle is quickly be- tail, waterfront, residential, of- program officials said. to be built, buyers will have the The 181-unit, 40-story luxury opportunity to experience the high-rise Trump Plaza will be flow of their new home as they the tallest in Westchester, offer- walk through tastefully deco- Brogan Writes an Industry Guide ing commanding views of Long rated residences. They’ll see HARRISON - Judicial Title In- tate professional, and essential Island Sound, the New York simulated views of the sur- surance Agency of Harrison re- for a less experienced one, City skyline and Westchester rounding area, including the cently announced that Peter spokesmen said. County. The partners unveiled Manhattan skyline and the Brogan has written a guide for Richard Giliotti, president of an $80,000 building model of Long Island Sound, that are so the real estate industry. Judicial Title, said: “This book Trump Plaza and cut the ribbon real that they will feel as if The publication, entitled has been a labor of love for leading to three, full-scale, they’re up in the tower.” “Brogan on the Residential Peter Brogan. The release of decorated model apartments. The residences will feature Real Estate Contract and New the first edition makes all of us “Trump Plaza will be an in- the high-quality finishes and York Title Closings” is sched- at Judicial Title very proud.” credible asset for downtown attention to detail that is the uled to be released this month. For further information on New Rochelle,” Cappelli told hallmarks of Trump resi- The book covers the topics obtaining a copy of the guide, the gathering. “What we ac- dences, project officials said. of the Residential Contract and visit www.judicialtitle.com. complished in White Plains Granite countertops, hard- New York Title Closings in an with Trump Tower can be repli- wood floors, stainless steel and informal manner. It is full of cated here. The cache that “floating glass” appliances, de- practical information and Trump Plaza brings will make signer cabinetry and marble guidelines that can be ex- an indelible impression that bathrooms are among the fea- tremely helpful, even to an ex- positively impacts the quality of tures for which his residences perienced attorney or real es- available housing.” are known. Among the Peter Brogan “The response to Trump services\amenities to be pro- Plaza has been tremendous,” vided to residents will be a 24- Cappelli said. “The sales cen- hour concierge\doorman, valet ter is unrivaled in the region for parking, indoor swimming pool, its sophistication, technology full-service health club, busi- and creative vision. I believe ness center, children’s play- that the public will be thrilled ground, roof top garden and a with the luxury residences state-of-the-art security sys- we’re bringing to market.” tem. Interest has been building in Trump Plaza since last sum- The Details mer, when protective sidewalk Trump Plaza will rise 435 signage along Huguenot Street feet and offer spectacular went up announcing that the views of Long Island Sound. A sleek, 40-story condominium 352,600-square-foot project, tower was coming. The tower Trump Plaza will consist of will feature unsurpassed views, 141,500 square feet of retail elegant finishes, the exclusive space on two levels at the Trump Plaza Health Club and base, topped with a luxury resi- the level of service that is the dential condominium tower of hallmark of Trump-managed 181 residences: 51 one-bed- buildings, project spokesmen rooms, 101 two-bedrooms and said. 29 three-bedroom units. Three Trump said: “I’ve created the different home types – a one- most sought-after luxury ad- bedroom, a two-bedroom and dresses in Manhattan, Miami, a two-plus convertible resi- Chicago and White Plains. I’m dence – will be offered, accord- going to do the same thing in ing to spokesmen. New Rochelle. My association Because of its convenient with Louis in Westchester has proximity to Manhattan and the been extremely productive and many benefits of the Queen rewarding, and I look forward City – including the water-ori- to another triumph with Trump ented recreational playground Plaza.” of the Sound Shore — Trump The first Cappelli-Trump Plaza is expected to attract a partnership resulted in the sophisticated clientele, from overwhelmingly successful both Westchester and Manhat- luxury condominium Trump tan, project officials added. Tower at City Center in down- Cappelli has made a major town White Plains. Trump investment in New Rochelle, Tower sold out in six months making it Westchester’s new- and helped propel the down- est hot destination. He played town White Plains resurgence, the lead role in the redevelop- officials said. ment of the downtown when he created New Roc City, a $250 A Noteworthy Location million mixed-use project that “New Rochelle, with its prox- includes entertainment, retail imity to the magnificent Long and restaurant venues, as well Island Sound, is re-emerging as a Marriott Hotel and a luxury as a prime residential location, apartment complex, spokes- and the luxury ambience of men said. PAGE 8 - IMPACT - MARCH/APRIL 2006 Houlihan-Parnes/iCap Reports a Connecticut Transaction WILTON, Conn. - Houlihan- the transaction was Delbello, Parnes/iCap Realty Advisors, Donnellan,Weingarten, LLC recently announced the Tartaglia, Wise & Wiederkehr. placement of a $7,250,000 first Title was provided through Chi- mortgage on a 53,000 rent- cago Title. able, square foot office prop- Houlihan-Parnes/iCap Re- erty at 131 Danbury Road in alty Advisors is a nationally af- Wilton. filiated, multi-faceted real es- The loan was arranged by tate investment company Kevin Neuner of Houlihan- headquartered in White Plains, Parnes/iCap Realty Advisors. N.Y. Its companies and affili- The 10-year loan is fixed at ates are engaged in the acqui- 5.54 percent, with two years of sition and ownership of all interest-only payments, and types of commercial real estate then a 30- year amortization investment property in the con- schedule. tinental United States. Its vari- The multi-tenanted property, ous companies and affiliates owned and managed by GHP specialize in commercial mort- Office Realty and affiliates, is gage finance, investment currently 100 percent occu- sales, property management, pied. The non-recourse loan leasing and mortgage servic- was placed without a lender ing, officials said. fee. The borrower’s attorney in Master Development Agreement Unveiled for Yonkers

Continued from page 6 avenues, is envisioned for new for the area following the development on selected sites. Nepperhan Avenue (Route 9A) • Alexander Street Area: corridor stretching from the New waterfront residential Saw Mill Parkway overpass buildings are envisioned for the south to Yonkers Avenue. Here old industrial properties north it would tie into redevelopment of the train station between the envisioned along the Yonkers Hudson River and the Metro Avenue corridor as it runs west North tracks. This will be a sig- toward Getty Square. nature building surrounded by open space. The Aim • Post Office Square Area: Mayor Amicone said that the Mixed-use redevelopment in- goal of the planning concept is cluding commuter parking, of- to incorporate and coordinate fice, residential and retail re-development along the ma- space is envisioned for this jor traffic arteries linking the area between Main Street and Saw Mill River Parkway corri- Larkin Plaza. dor to downtown and the Hudson Riverfront. Phase 3: “There is a great deal of logic • Ludlow Transit Village: that goes with this plan,” he said. SFC envisions creating a mix “We have identified the areas in of residential and retail uses in which re-development is rea- the area adjacent to and sonable, possible and desirable. nearby Metro North’s Ludlow With the development team that Station. This area could include has now joined forces, we are in the sugar refinery area adja- a position to truly see Yonkers cent to the river should that become Westchester and the property ever go out of indus- New York area’s hottest ad- trial use. The existing Ludlow dress. A great deal of new in- Park residential neighborhood vestment is already being made on the hill above this area in Yonkers. Now, with Louis would not be affected. Cappelli joining forces with • Nepperhan Valley Area: A Struever and Fidelco, we are on mixed use of residential, retail the threshold of an exciting new and office uses are envisioned era in our city.” PAGE 9 - IMPACT - MARCH/APRIL 2006 Work Continues on Renaissance Square at City Center

WHITE PLAINS – Construction building that will house a 10- is continuing for Renaissance story, 125-room hotel and a Square at City Center, a $350 300,000-square-foot residen- million hotel, residential and tial tower with 181 luxury units. retail complex at 221 Main The building will also offer Street in White Plains. 10,000 square feet of retail and Project officials recently is- restaurant space. An adjacent sued an update on the devel- building that contains 100,000 opment. square feet of office space, Cappelli Enterprises officially 3,000 square feet of ground started construction of the floor retail space and a second 890,000-square-foot project residential tower of 300,000 last year with the demolition of square feet will complete the a building annex, excavation of development program. the site and closure of an exist- The Renaissance Square at ing parking lot. City Center development is the Extensive site work is well next phase of development in underway. Adjacent to Main White Plains, following City Street, the first section of the Center, a $325 million, 1.1 mil- new parking garage for 1,000 lion-square-foot residential, re- cars is proceeding. Founda- tail and entertainment complex tion work is expected to con- at Main Street and tinue for another three months, Mamaroneck Avenues. City project spokesmen said. Center was completed last Renaissance Square at City year. Center will include two luxury Headquartered in Valhalla, residential towers, office and Cappelli Enterprises has devel- retail space, and a five-star ho- oped more than four million tel. Diagonally across from City square feet of mixed use, re- Center and bounded by Main tail, waterfront, residential, of- Street, Hamilton Avenue and fice building, laboratory and the new Court Street exten- parking facilities, company of- sion, Renaissance Square in- ficials said. cludes a 500,000-square-foot Goldschmidt & Associates Brokers Two Transactions in New Rochelle NEW ROCHELLE - Eric S. such as the new Cappelli, Goldschmidt, senior partner at Trump, Avalon, Young, and Goldschmidt & Associates of Simone residential develop- Scarsdale, has brokered two ments, plus new office build- significant transactions in New ings, banks, retail centers and Rochelle, company officials re- the multi-million dollar Trans- IN WHITE PLAINS - Construction is continuing on Renaissance Square at City Center, a $350 million cently announced. portation Center, are helping to hotel, residential and retail complex at 221 Main Street, project officials recently announced. The One property, consisting of a enhance the market, company work site is pictured above. three-level, 30,000 square foot officials said. building, plus two parking lots of Goldschmidt & Associates 20,000 square feet at 125 Main also brokered three other ma- Street, Route 1, has been leased jor New Rochelle transactions ALBERT VALUATION GROUP on a long term basis to Hyundai. in 2005 – representing Harley Hyundai is moving from another Davidson in its new facility at area location, Goldschmidt and 91 Weyman Avenue; Mary Ann is pleased to offer its services to Associates said. Liebert Publishing at its new The building will be upgraded 25,000 square foot headquar- and modernized, adding “a ters at 140 Huguenot Street; members of the Builders Institute fresh look to the northern gate- and helping to coordinate the way of New Rochelle,” sale of the 36,000 square foot, and other prospective clients Goldschmidt said. mixed-use building at 10 Com- At New Rochelle’s southern merce Drive. end, Goldschmidt brokered the In addition, Laurence Lon- sale of 2 Birch Street, a 32,000 don of Goldschmidt and Asso- square foot manufacturing facil- ciates is currently representing Real Estate Appraisals ity. Representing the purchaser, the leasing and sale of 542 Parsonage House, LLC, was Main Street, a 31,000 square Kathy Tamagna of Julia B. Fee/ foot office building. and Sotheby’s International. Goldschmidt and co-broker Parsonage and its affiliates, Lawrence Talt Realty are rep- with locations around the resenting the 7,900 square feet Property Tax Appeals world, will reposition the former of retail being developed at Rotanelli Pasta Company with Huguenot Hills, 175 Main a showroom and sales area for Street (Route 1). We celebrated our granite, marble and high-end “The face of New Rochelle is stone for the wholesale and re- changing rapidly and tail market. Parsonage expects Goldschmidt & Associates is 55th Anniversary in 2005, to bring 80 new jobs to the fa- very proud to be part of it,” cility, Goldschmidt and Associ- Goldschmidt said. what can we do for you this year? ates said. Goldschmidt & Associates is New Rochelle is definitely involved in the sale, leasing, moving forward and is fast be- and development of commer- coming Westchester County’s cial, retail, and industrial prop- 100 White Plains Road, Tarrytown, NY 10591 hot new market, Goldschmidt erties in the New York metro and Associates said. Projects area, company officials said. [We’re also in NYC at 330 West 38th Street]

80 Business Park Drive, Suite 309, Armonk, N.Y. 10504. 914-332-0777 212-490-1188 (914) 273-0730 www.BuildersInstitute.org PAGE 10 - IMPACT - MARCH/APRIL 2006

Residential Development Case Study: Sales Center Opens at Barger Brook Manor

YORKTOWN – Yorktown Re- nience of their new location in alty Associates LLC and its the heart of picturesque managing partner, Louis R. Yorktown. The site is situated Cappelli, recently hosted a VIP near the Taconic State Park- preview of Barger Brook way and extensive nearby Manor, a new, $80 million, 141- shopping areas, yet is nestled home luxury condominium in a wooded setting back be- community for active adults, yond the north side of Route 6, ages 55 and better, in spokesmen said. Yorktown. VIPs toured the new Sales A Demand Center, which echoes Barger “The response to Barger Brook Manor’s softly hued Brook Manor so far signifies stone and stucco façade and the increasing demand among gives prospective buyers an the aging baby boomer popu- excellent idea of what they can lation for adult luxury housing,” expect. The Sales Center fea- said co-developer Michael tures three graciously ap- Cappelli. “Many of these indi- pointed, full-sized model apart- viduals want the ease of con- ments designed by award-win- dominium living and are in the ning J.R. Cattington Interiors of process of downsizing from Briarcliff Manor, project officials large homes. But they still want said. lots of space, luxury and the A magnificent building model convenience that Barger Brook of the 141-home luxury condo- offers.” minium allows buyers to view Michael and Louis R. the location of a specific unit Cappelli have teamed with IN YORKTOWN - VIPs recently toured the sales center at Barger Brook Manor, the new, 141-home luxury condominium community in Yorktown for ages 55 and better. The community is being devel- Sullivan Architects, an award- and to see where in the attrac- oped by Louis R. Cappelli and Michael Cappelli. Pictured looking over the building model are, from tive, three and four-story build- winning firm in White Plains left to right, Grace Dunn, sales manager for Barger Brook and an associate broker at Houlihan ing their home will be situated. known for residential designs Lawrence Inc.; Louis R. Cappelli, president of Cappelli Enterprises; Savo Fries, manager, Croton A full-color area map will help that honor the natural land- and Yorktown offices, Houlihan Lawrence; John Sullivan of Sullivan Architects of White Plains, orient buyers to the conve- scape. Together they have cre- project architect; and Joseph A. Apicella, executive vice president, Cappelli Enterprises.

ated Westchester’s most dy- agent. Prices for the one, two namic new lifestyle choice, and three bedroom homes be- project officials said. gin in the mid $500,000’s, spokesmen said. A Noteworthy Setting “We have the finest sales Set on 50 beautiful acres of tools to show prospects the lush woodlands overlooking a wonderful ambience and so- sparkling lake, Barger Brook phisticated amenities of Barger Manor is perfect for active Brook Manor,” said Grace adults with its indoor and out- Dunne, sales manager and as- door swimming pools and pri- sociate broker at Houlihan vate fitness center, spokesmen Lawrence. “Barger Brook said. Nature trails will surround Manor is the only new luxury the lake and pass by Barger option for independent active Brook for use by outdoor exer- adults in northern Westchester, cise enthusiasts year-round. and we look forward to finding The Manor’s stone and stucco the perfect home for individu- façade, elegant stone court- als seeking the smart address yards and romantic Juliet bal- and spectacular country setting conies recall the best of clas- this condominium community sic European architecture. provides.” Most homes will have expan- Michael Cappelli has devel- sive views of the lake or the oped notable luxury residential wooded area, and buyers can communities in the area, in- choose from one-, two- or cluding Emerson Point Es- three-bedroom homes that fea- tates, a single-family home ture light-filled spacious rooms, subdivision in New Rochelle, nine-foot ceilings, crown mold- and The Landing at Dobbs ings, hardwood floors, magnifi- Ferry, a 103-unit townhome cent master suites and marble community in Dobbs Ferry. baths. Louis Cappelli, one of the Gourmet kitchens with desir- region’s most prominent devel- able stainless steel appliances opers, has a well-earned repu- can be personalized with a tation for combining innovative choice of cabinet and granite architectural design with spec- countertop packages. Patios, tacular settings. Among his eat-in kitchens and Juliet bal- many preeminent residential conies are available in select developments are Trump homes, project officials said. Tower and The Lofts at City Barger Brook Manor resi- Center in White Plains, The dents will enjoy many ameni- Lofts at New Roc in New Roch- ties, including a recreation elle, and Stamford Greyrock, a room with billiards and a card luxury high-rise apartment table, media room, a library complex in Stamford (Conn.) and business center. Con- He is currently developing ad- cierge service is included, and ditional residential complexes, residents will have the benefits including Renaissance Square of covered parking, storage fa- in White Plains, Trump Plaza in cilities and on-site security. New Rochelle and Harbor Houlihan Lawrence is the Square on the Hudson River at community’s exclusive selling Ossining. (914) 273-0730 www.BuildersInstitute.org 80 Business Park Drive, Suite 309, Armonk, N.Y. 10504. PAGE 11 - IMPACT - MARCH/APRIL 2006 Builders, Remodelers Membership in The BRI Could Be The Best Investment You Ever Made. Just ask the 1,500 Members of The Building & Realty Institute (BRI).

A Statewide Political Action The Oldest and Largest Committee Industry Force with clout Members include Homebuilders, Remodelers, Service Trades and Supporting candidates who Professionals support industry objectives

Educational Programs on Bread & Butter Topics. “Growth” AD Campaigns to Shape Public Opinion 55 seminars and conferences in 2005

Litigating for Land Use Big Savings on N.Y.S. and Housing Issues Workers’ Compensation $150,000+ spent in achieving landmark legal decisions in Over $5 million in annual dividends N.Y.S. to 1,000+ members

The BRI is supported by an annual budget of $825,000. It has a professional staff of 10, including consultants and a distinguished board of directors—the BRI works for you on building and realty issues that affect your bottom line. The association has top flight consultants and legal/legislative/ engineering experts on land-use, community planning, sub-division approval, building codes, affordable housing and state regulatory agencies. Consultants are based in Albany working for positive state legislation. CELEBRATING OUR 60TH ANNIVERSARY IN 2006!

Yes, I am interested in a membership investment in the BRI, a building and realty industry and professional association with over 60 years of growth, service and performance. Please send an application. Name Title Company Address City, State, Zip Building and Realty Institute (BRI)

80 Business Park Drive, Suite 309, Armonk, NY 10504 (914) 273-0730 • Fax: (914) 273-7051 Members of: Urban Land Institute, Washington, D.C • N.Y. State Business Council, Albany, N.Y. www.buildersinstitute.org PAGE 12 - IMPACT - MARCH/APRIL 2006 Property Managers, Co-op, Condo, Apartment House and Office Building Owners, Building Construction Contractors and Subcontractors COMPARE PERFORMANCE Save %% Up to Below5555 Manual Rates For Workers’ Comp The Building and Realty Institute’s NYS Safety Groups #530 and #458 Offer Stability, Consistently High Dividends and Large Reserves Since 1951. Over 1,400 Members. Levitt-Fuirst Assocs., Ltd., Group Managers. For more information, call: (914) 376-2500.