Reader’s Digest site developers can only build on less than one-third of property

New York /
Apr.April 29, 2011 12:37 PM

The community board of New Castle, the Chappaqua town where developers originally sought to build a 348-unit condominium on the 114-acre site that formerly housed the Reader’s Digest, ruled that Summit Development and Greenfield Partners could only build 111 units on 31 of the acres, the New York Times reported. The developers purchased the land for $59 million seven years ago and have been continually rebuffed in their efforts to build on the site, and have alleged in two lawsuits that the town opposes affordable multi-family housing. But the town supervisor, Barbara Gerrard, said the community wants to limit residential development to leave room for commercial development in order to raise more revenue for the town.

Currently, Chappaqua shops contribute less than 3 percent to the area tax base, and revenue took a major hit upon Reader’s Digest’s departure. Gerrard says she struck a compromise by allowing for development but still respecting many community members’ wishes that the 114-acres remain a vast, lightly developed property. These developers are not the first to go to court with Chappaqua over development obstacles, as SG Chappaqua has filed a lawsuit demanding that the town buy back its property after continually rejecting its proposals. New Castle also reached a settlement with the federal Department of Housing and Urban Development when it mandated that largely white Westchester communities needed to create affordable housing. [NYT]


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Protestors in support of street vendors gather in Hudson Yards on May 7, 2021 (Getty)
“More churros, less cops”: Vendors and Related face off
“More churros, less cops”: Vendors and Related face off
From left: 944 Fifth Avenue, 67-69 East 93rd Street and 15 East 88th Street (Google Maps)
Three Manhattan sellers aim high asking $25M+ for luxury pads
Three Manhattan sellers aim high asking $25M+ for luxury pads
Hamptons businesses desperate for workers
Hamptons businesses desperate for workers
Hamptons businesses desperate for workers
Non-New York residents who worked remotely last year will still have to pay New York taxes. (iStock)
NY tax officials crack down on remote workers
NY tax officials crack down on remote workers
(iStock)
Job recovery sputters, but hospitality & leisure add hiring
Job recovery sputters, but hospitality & leisure add hiring
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...