How many bargain hunters missed this one? According to the Miami Herald, Chatham Lodging Trust also purchased a Marriot in Long Island. Welcome to New Rochelle!
Do you think Mr Cappelli will use the windfall to pay off the almost 25 million owed to contractors from his troubled Concord Project in the Catskills? The money comes just in time as the developer is all but embarrassed into making good on his agreements with New Rochelle regarding the Anderson Street property.
Continuing with his passively aggressive treatment of any deadline or requirement demanded of him, he skirts around a reasonable deadline in an effort to show the city who’s in charge. Anyone who would consider themselves a “partner” or “friend” of this city would have gladly cleaned up 5 Anderson, considering the impact on the neighborhood and certainly prior to any deadline. Are we supposed to believe this window dressing required a large investment or significant planning? It’s a shame and more and more people realize this isn’t the type of developer this city is going to benefit from.
As quoted in a story from Talk of the Sound “Cappelli said that his firm would be looking to partnerships and relationships with alternate capital market sources to secure the level of financing needed for future developments”. I’ve heard that before. A friend of mine once needed to develop a relationship with a “alternate capital market source” pawn shop “to secure the level of financing needed for future development” to pay his rent.