Town of Greenburgh to Sell former Frank’s Nursery on 9A to an Assisted Living Company

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WPCNR THE FEINER REPORT By Paul Feiner. Town of Greenburgh Supervisor. December 9, 2015:

The Town Board is close to an agreement to  sell Frank’s nursery to an assisted living facility for $3,525,000. We anticipate that the facility will be between 90-100 units. In recent years residents have encouraged the town to sell the property, which we took over by foreclosure, for residential purposes or for an assisted living facility. Our current code authorizes assisted living facilities to be built at this location so no zoning changes will be required. We hired a broker over a year ago to help us market the property and worked hard to market the property. This was the best offer we received.

(1) Valterra (Capital Senior Housing) will now assume responsibility for the environmental remediation of the property but will do so at the Town’s expense;

(2) upon execution of the contract, Valterra (Capital Senior Housing) will deposit $100,000 in escrow and then assist the Town in working with the DEC during the (90) day feasibility period to quantify the cost of remediation and determine necessary remediation measures;

(3) once the cost of remediation is quantified, both parties will agree upon an amount of money to be placed in escrow that Valterra can draw down from to complete remediation;

(4) remediation will take place after closing and money placed in escrow for remediation will be deducted from the Town’s $3.5 purchase price;

 

 

 

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