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Meeting of the Minds on the Ground Floor: Cappelli told WPCNR Monday he made the lease agreement with the Longhitanos so he could control the ambience of first floor, and “control” the look of the store frontage adjacent to his hotel/condominium complex he is developing one doorway down. Entrance to the historic former headquarters of the Westchester Bar Association is at the far right. Photo by WPCNR News
The existence of the agreement came to light when LC Main LLC, Mr. Cappelli’s corporation developing the hotel/condominium (221 Main Street), filed Registered Agreement # 442460483 with the County Clerk’s office September 2 officially giving notice of an agreement with 199 Main Street Realty Corporation, the owners of the Bar Building.
LOUIS CAPPELLI pausing to answer questions from Reporters from Kids Xpress from the Slater Center at his most recent public appearance, the opening of Zanero’s, August 16. Photo by WPCNR News
Monday, Mr. Cappelli explained to The CitizeNetReporter what that agreement was. It signals the start of a new relationship between “The Superdeveloper” and Anthony Longhitano. Asked if this indicated a “thawing” of the relationship with the Longhitanos, Mr. Cappelli said, “He’s a great guy. It’s just busness. You can’t argue with a man who bests you in business.”
A Meeting of the Minds
Mr. Longhitano had held out from selling the
Cappelli said he has leased the space for $100,000 a year from the Longhitanos for the 1,900 square foot space, approximately $50 a square foot. Asked if he had a lease with an option to purchase, Cappelli said it was a lease deal, and that the Longhitanos would continue to own and rent the upper 19 floors.
Longhitano & Cappelli?
The SuperDeveloper said he and his company is currently in discussions with Mr. Longhitano on the details of refurbishing the existing South and West exteriors of the
Asked if he planned to lease or buy the rest of the building, Cappelli said that would continue to be owned by Mr. Longhitano, and tenants of that space would be paying their rent to Mr. Longhitano.
Demolition of Main Street Derelicts to Begin within “A few weeks.”
Cappelli said he was awaiting the Department of Housing and Urban Development to approve him as the “designated developer” of the urban renewal portion of the 221 property and after that approval, demolition would begin.
Present Tenants on Ground Floor Will Not Remain.
Mr. Cappelli said he would begin negotiating with the present tenants of the first floor of the
A letter to this effect had been apparently been delivered to a tenant of the Bar Building on the seventh floor, leading WPCNR to check with the County Clerk’s office to see if Mr. Cappelli and Mr. Longhitano had been collaborating. Three other tenants in the upper reaches of the Bar Building have told WPCNR they have received no such letter advising them that Cappelli was now their landlord.
Mr. Cappelli said he was on target to open the sprawling
Opening Friday for Private Clients by Appointment Only: The Trump Tower at City Center Showcase on Main Street. Photo by WPCNR News
“This (level) of interest is unheard-of,” Cappelli said, and speculated that he expected to sell out the
Predicts
Asked what effect the interest in the
More Cappelli News – Ginsberg Deal Off.
In a free-ranging discussion, Mr. Cappelli brought WPCNR up-to-date on
He said, he would contest the plans of A. J. Rotundi and Martin Ginsberg to build a 28-story apartment complex on top of the former A & P building adjacent to the City Center, because he said the building would obscure the Westward view of the City Center.
“Unfortunately the (any new 28-story) building just blocks the view. In my building you’d see him, in his building, they’d see me. It would look horrible. We were actually going to do a deal with him, (selling the Corner Nook-Citibank-Main Street Book Store property owned by Mr. Cappelli), and let him do the building,” Cappelli said. But then he said, he had been admiring the view of the City Center Trump and City Center One citadels driving in on I-287 West, and he revised his thinking:
“But, after seeing that (the view from the eastern approach to the city) in the last week or so, we decided we’re not going to do it. Because I think low rise needs to be on that site. I have the highest regard for Marty Ginsberg and his company. They’re one of the top developers in the county. Unfortunately, I think we’re going to have a bit of a difference of opinion. ”
Cappelli said he did not expect Mr. Ginsberg and Mr. Rotundi to sell their property to him. “I think it’s just an issue of lawsuits filed back and forth. They’re trying to get control of the property I already own.”
Sees New Lowrise building on Corner Nook Site.
He said in view of the imminent opening of Atlanta Bread Factory, and the café in Barnes and Noble, that the Corner Nook was going to see increased competition. He said he would begin discussions with them soon to make them a settlement to leave the block. Asked what he planned for the block, which is adjacent to the entrance to
TRUMP TOWER AT CITY CENTER RISING. Mr. Cappelli plans a low-rise building with posh retail and a cafe to round off the City Place plaza, foreground to rise in the location at lower left of complex, where The Corner Nook cafe now does business. Building rising behind the traffic light is the City Center Garage. Photo by WPCNR News
Lining the Sewer to Begin in 7 days.
Cappelli announced American Water Systems would begin lining the Main Street Sewer next week.