5 Anderson Owners Take Back Parcel from LeCount Place Project; Capelli Sued Personally for $11 Million
As the New Rochelle City Council continues to deliberate on whether to grant Capelli Enterprises a 13th extension on its exclusive right to develop the LeCount Place Project in downtown New Rochelle, the owner of one the parcels assembled by Capelli has effectively ended their participation and, in doing so, has dealt a serious blow to the future of the project. Capelli has been unable to acquire the largest parcel on the block, the New Rochelle Post Office. 5 Anderson fills out the south end of the block, the post office the north end with Capelli owning or controlling properties in the middle.
Anderson Development Group, LLC has notified New Rochelle Revitalization, LLC (NRR) and Louis R. Capelli that it is taking back the property at 5 Anderson and filed a lawsuit against NRR and Mr. Capelli personally for $11 million over what Anderson claims is failure to meet the terms of an agreement under which Capelli Enterprises gained control of the property as part of an effort to bundle a parcel of land in downtown New Rochelle adjacent to New Roc City and Trump Plaza, two other Capelli projects. The lawsuit alleges that Capelli has failed to make monthly payments on the property since October 2008.
Anderson Lawsuit Against NRR & Louis Capelli
Notice of Pendency to NRR & Louis Capelli
Notice of Pendency: The filing of the notice of pendency shall be deemed to be the commencement of the non-judicial proceeding for foreclosure by power of sale pursuant to this article.
And they said?
Any comment room our elected officials? Has Noam awaken from his political seizure yet?
Ironic how Idoni’s name fits into this
Pretty funny to see Tim Idoni’s name stamped on the papers filed in the law suit ,this time as county clerk . He must be howling at the turn of events in the Noams latest exhibition of impotence . I mean what a laugh he must be having as the silver tray Tim handed Noam is quickly tarnishing . This plan was wrong from the begining in serving the needs of a developer over the needs of New Rochelle . Giving ANY extension would only underscore how dirty the whole thing is . Maybe Capelli should have forked over the same 5 grand that Ratner did to insure the right to play . I have to believe that most of the city council will have the insight to see this for what it really is and hold off voting until the MOU expires . They aren’t compelled to do anything . This is one time you want to urge your elected officials to do nothing . That in itself will do more for NR than Noams brainstorms .
I would have added the Mayor
I would have added the Mayor as a defendant in the suit as he forced these deals with his threats of Eminent Domain in the Journal News. In the end the Economy and bad business practices, and a City without a Master plan brought this to an end. I certainly would liked to have seen the City Council vote on a 13th extension as it might have made for some really good humor…
3-3 with Stowe being the unkown….The sad news is what will come of this won’t be much either.
Once again we see
Once again we see mismanagement from city officials, no surprise whatsoever.