Westchester & Fairfield Cheat Sheet: Extell secures tax breaks for $502M Yonkers riverfront development … & more

New York /
Sep.September 05, 2018 06:30 PM

Clockwise from top left: Extell secures $21M in tax breaks for $502M Yonkers riverfront development, unknown buyer shells out $42M for mixed-use building in Stamford, Armonk garden center could become residential development under proposed plan, and White Plains developer charged with defrauding investors in luxury projects.

Extell secures tax breaks for $502M Yonkers riverfront development
Extell Development Co. has snagged more than $21 million in tax breaks from the Yonkers Industrial Development Agency for a project along the riverfront in Yonkers, the Westchester County Business Journal reported. The incentives package comprises “$15.4 million in sales and use tax exemptions and $5.9 million in mortgage recording tax exemptions,” according to the outlet. The $502 million project will contain six buildings, 1,395 apartment units — including market rate and affordable units — and 51,800 square feet of commercial space. [WBJ]

White Plains developer charged with defrauding investors in luxury projects
White Plains developer Michael D’Alessio has been arrested and charged with wire fraud for defrauding investors in luxury real estate projects in Westchester, Manhattan, the Hamptons and other locations, the Fairfield Daily Voice reported. D’Alessio would form LLCs and tell investors who bought shares of the company that their funds would only be used for expenses related to that LLC, but he was actually “misappropriating investor funds for his own use and benefit” from at least 2015 through April 2018, according to the U.S. Attorney’s Office for the Southern District of New York. If D’Alessio is convicted, he’ll face a maximum sentence of 20 years in prison, the outlet reported. [FDV]

Armonk garden center could become residential development under proposed plan
A garden center in Armonk could become a residential development. Applicant 45 Bedford Road LLC submitted plans to build five four-bedroom townhouses, 16 three-bedroom townhouses and another building with a total of 22 one- and two-bedroom apartments at the site of the existing Mariani Gardens nursery and garden center, LoHud reported. The developer would have to raze the 17,000-square-foot garden center and the property’s other nursery buildings to carry out the project, according to the outlet. The developer will also have to get zoning approval from the North Castle Town Board to move forward with its plans. [LoHud]

Dobbs Ferry community sues New York Attorney General over tax status
A residential community in Dobbs Ferry has hit Attorney General Barbara Underwood and her office claiming their efforts to change their tax status have been stymied, LoHud reported. The Landing at Dobbs Ferry wants to change its tax status from “single-family-home” community to a “condominium” one to save on property taxes. But the residential community’s lawsuit claims the Attorney General’s Office is working with Dobbs Ferry officials to keep them from doing so. In a statement provided to the outlet, a spokeswoman for the Attorney General’s Office, Rachel Shippee, said the office “reject[ed] their claims.” “It’s a shame that the association is trying to muddy the waters by involving us in its dispute with the town,” she wrote. [LoHud]

Unknown buyer shells out $42M for mixed-use building in Stamford
An unidentified buyer has snapped up a nine-story mixed-use building in Stamford from an affiliate of UC Funds for $42 million, the Fairfield County Business Journal reported. Park Square West was built in 2001 and houses two commercial units on the ground floor and 143 apartment units. CBRE’s Jeffrey Dunne, Gene Pride and Eric Apfel represented the owner and brought the buyer. The owner renovated the property over the past two years and there has been “strong leasing activity,” Dunne said. [FBJ]


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