Yonkers Tribune Calls Cappelli Viability into Question

Written By: Robert Cox

Louis Capelli.jpgYonkers Tribune: $25 Million Plus Arrears Put Cappelli’s Viability Into Question

…the Times Herald-Record today published an article delineating developer Louis Cappelli owing $24.7 million in arrears to 27 contractor who were engaged in clearing and preparing 1,500 acres in Monticello, New York, on the Concord Properties were the famous Concord Hotel, now demolished, once stood.

Times Herald-Record: Concord contractors owed $24.7 million

Developer Louis Cappelli’s deal to transfer the vast majority of 1,500-acre Concord properties to a Kansas City firm has meant nothing to companies that have waited two years to be paid millions for work in 2008. Cappelli lost control of most of the Concord lands to Entertainment Properties Trust, settling a $160 million claim against him.