The Real Deal New York

Westchester & Fairfield Cheat Sheet: Residents of Stamford’s Trump building debate its name, White Plains developer sued for $17M over alleged fraud scheme … & more

March 21, 2018 01:00PM

Clockwise from top left: White Plains developer Michael P. D’Alessio faces more legal trouble, Douglas Elliman’s John Oliveira, and a Normandy Tudor mansion in Chappaqua is on the market for $6.2 million.

Residents of Stamford’s Trump building debate its name
Residents of the Trump Parc Stamford, the city’s tallest tower, are debating whether or not to keep the Trump name on their building, the Hartford Courant reported. Some residents have complained about the management of the building, while others said they do not like the building being associated with President Trump. The 170-unit condo building is managed, but not owned by the Trump Organization. Eric Trump, who helps run the Trump Organization, said in an email to the Washington Post that improvements to the building were underway, including “an unbelievable hallway renovation.” While the Trump name has been removed from buildings in other cities, the debate over the Stamford tower is notable because its most expensive penthouse is owned by wrestling mogul Vince McMahon, whose wife Linda McMahon is in the president’s cabinet. [Hartford Courant]

White Plains developer sued for $17M over alleged fraud scheme
Already facing lawsuits over a failed condominium project in Manhattan, White Plains developer Michael P. D’Alessio has been hit with three new suits brought by seventeen investors who are seeking at least $17 million in damages. The new suits claim D’Alessio’s Michael Paul Enterprises defrauded investors with his plan to buy Manhattan townhouses and convert them into condos. D’Alessio had allegedly promised quick repayment for loans but investors filed their first suits in the case once he stopped making payments. In a letter to his investors, D’Alessio wrote, “I am terribly sorry for these turns of events,” blaming city inspectors and a changing market for delaying his projects. [WBJ]

Investors list 143-unit Stamford apartment building
Boston-based UC Funds has listed the Park Square West apartment building it bought at bankruptcy auction in 2016 to test the waters for a potential sale. The investors paid $40 million for the nine-story, 143-unit residential building after the collapse of Seaboard Properties, buying the 115-room Courtyard by Marriott as well. CBRE of Stamford is listing the residential building for UF Funds, which plans to keep the hotel next door. The list price of the apartment building was not reported. [Stamford Advocate]

John Oliveira to be executive sales manager for Douglas Elliman in Chappaqua and Armonk
Douglas Elliman announced that John Oliveira will become the executive manager of sales for the brokerages offices in Chappaqua and Armonk, according to an announcement issued by the company. The Yorktown Heights native began his career in real estate at the age of 19 while still a student at Pace University, the statement said. “I look forward to passing on my knowledge and experience to our growing number agents in our Chappaqua and Armonk offices, mentoring their businesses to the next level,” Oliveira said.

Former bank CEO’s Chappaqua estate listed for $6.2M
The former chairman and CEO of Bank of New York Mellon, Gerald Hassell, listed his 6.4-acre Chappaqua estate and a neighboring 4.4-acre lot for for $6.2 million. The 8,816-square-foot Normany Tudor main home is available for $4.9 million, while the other parcel is listed for $1.3 million. Claudine Colletti of Giner Realty and Ryan Serhant of Nestseekers International share the listings. [Lohud]

RXR tops off one New Rochelle tower and breaks ground on another
New Rochelle and RXR Realty marked two milestones last week as city officials and their chosen master developer move forward with an ambitious plan to remake the downtown area. The topping off of one 28-story, 280-unit residential tower was celebrated at 587 Main Street, and a ceremonial groundbreaking was held for a two more 28-story towers at 26 South Division Street, which will add another 730 rental apartments and 25,000-square-feet of retail. [WBJ]