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.
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.