Urstadt Biddle Completes Sale of White Plains Pavilion to Lennar Corp. Demolition to Begin to Start 700 Apartment/retail complex on Maple Ave

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Rendering of the new White Plains Pavilion project when it was first presented. The sale of the White Plains Pavilion to Lennar Corporation has been completed and demolition of the old Pavilion is said to begin shortly.

WPCNR EAST SIDE STORY. From Urstadt Biddle.March 8, 2017:

Urstadt Biddle Properties Inc. (the “Company”) (NYSE: UBA and UBP), a real estate investment trust, announced last week that it has completed the sale of its Westchester Pavilion Property located in White Plains, NY (the “Pavilion”). The purchaser is Maple and Broadway Holdings, LLC, a subsidiary of Lennar Corporation .

The current plan is for the property to be razed in order for Lennar to develop a high-end, mixed-use property containing residential apartments above retail. The aggregate payment paid to the Company for the Pavilion was $56.6 million.

Commenting on the sale, Willing L. Biddle, UBP’s President and Chief Executive Officer said, “We purchased the Pavilion in 2002 and operated it for over 10 years as a successful power center mall. In 2013, with the expiration of certain large leases pending, we realized the property had great potential to be redeveloped into a much larger retail/residential mixed-use project.

“This dream could not have become a reality without the cooperation and support of Mayor Thomas Roach and the White Plains Common Council who understood our plan and ultimately supported a re-development of the property to include two high-rise buildings containing over 700 apartments above 75,000 square feet of lower floor retail. Recognizing that our company is not an expert in large-scale, high-rise construction, we elected to sell the property to Lennar Multi-Family Communities, which will follow through on our dream of building a beautiful, new mixed-use complex that will bring new life and vitality to the southeast end of White Plains.

We know the site has tremendous potential, and we expect that Lennar’s project will be a success for the community. The sales price is a substantial premium over the price that we paid for the property, and when this premium is combined with the strong annual return we made operating the property, it is clear that the Pavilion was a very good investment for our company”.

 

Read more: http://www.nasdaq.com/press-release/urstadt-biddle-properties-inc-announces-the-sale-of-its-westchester-pavilion-property-located-in-20170301-01705#ixzz4al0fqcz

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FBI OFFERS $5,000 REWARD FOR INFORMATION ON PERPETRATORS RESPONSIBLE FOR STRING OF MOUNT VERNON HOMICIDES BACK TO 2011. KNOW WHO SHOT THESE MEN? CALL 914-925-3888 IN CONDFIDENCE

WPCNR FBI WIRE. From the Federal Bureau of Investigation. March 7, 2017:

The FBI Westchester County Safe Streets Gang Task Force is asking for the public’s help in solving several homicide investigations in Mount Vernon, New York. The murders date back to 2011. The FBI is offering a reward of up to $5,000 for information leading to an arrest in the following cases:

Rubin Davis, New York Murder Victim

Rubin Davis was shot and killed on June 26, 2011, at the 4th Street Park.

Wilbert Francis, New York Murder Victim

Wilbert Francis was shot and killed on June 10, 2016, near the area of 125 South 2nd Avenue.

Dean Daniels, New York Murder Victim

Dean Daniels was shot and killed on September 22, 2014 near Park Avenue and East Prospect Place.

Mario Frater, New York Murder Victim

Mario Frater was shot and killed on August 31, 2016, near 14 West 4th Street.

Jovelle Stewart, New York Murder Victim

Jovelle Stewart was shot and killed on March 27, 2016, near 141 North High Street.

The FBI Westchester County Safe Streets Gang Task Force and the Mount Vernon Police Department are working to identify suspects responsible for these homicides. Anyone with information about these cases is asked to call the FBI in Westchester at 914-925-3888.

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City Approves Firefighters New Contract. Approves 400 Hamilton Avenue Apartments.

WPCNR COMMON COUNCIL CHRONICLE-EXAMINER. By John F. Bailey. March 6, 2017:

The Common Council approved retroactive raises in pay for White Plains Firefighters back to July 1, 2015, in approving pay increases per step of 2%, 2-1/4% and 2-1/2% for the firefighters. Firefighters also accepted random drug testing for druguse and controlled substances, including marijuana, but not alcohol.

Firefighters hired before July 1, 1995, had their full health care benefit restored as part of the new contract. New firefighters joining the department will be paid $50,000 a year as opposed to the $60,850 they would have received previously.

The city has also agreed to hire 12 new firefighters who begin March 10. Negotiations on a new contract will begin next spring,since the three year contract runs out June 30, 2018. No firefighters appeared to have attended the meeting approving their contract.

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The rendering of view of the approved apartment complex at 400 Hamilton Avenue, looking across North Broadway

In another action, the renovation of the almost vacant 400 Hamilton Avenue former AT&T building into 245rental apartments, (41 studios, 120 1 Bedrooms, 77 2 bedrooms, and 7 2 Bedrooms on the ground floor, was approved by the Common Council. This project set, WPCNR believes,a record for the speed of its approval: 2 months.

 

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White Plains Property Values Up Sharply: Assessment Roll Climbs 1.7%,,,$277 Million to $281.6 Million. $5 Million Largest Increase in Assessed Value in 19 Years.

WPCNR QUILL & EYESHADE. By John F. Bailey. March 6, 2017:

The White Plains 2017 Assessment Roll was released March 1 and the $4.7 Million increase in city assessed value is the largest increase in the roll in 19 years.

The $4,730, 371 increase was the largest single year increase since 2013-14 when the roll increased to $277,740,593.

The news is good news for the city and the White Plains City School District, both of whom have been severely hurt by the lacklustre assessment values since 2011-12 when the roll has drifted between $278,2 Million and $277 Million. The increase should enable the city to keep taxes even if not lower them, unless they accelerate expenses substantially, and will definitely help the school district.

The School District is now looking at a  $5 Million increase to a $214 Million budget, (From $208.7 Million) as presented in their first run through on the budget. The assessment windfall should enable the district to reduce the project $10 increase in the Tax Rate by at least $8 unless they decide to spend the windfall. The addition in assessments reduces the tax rate, unless they have already figured in the  new Assessment Roll figure.

 

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