WPCNR North Street News. By John F. Bailey. August 9, 2005, UPDATED WITH PIX: C. J. Follini, Managing Member of the North Street Community, LLC, announced to the White Plains Council of Neighborhood Associations Tuesday evening the 390 units of senior housing his group plans to build on the former St. Agnes Hospital property would be marketed as condominiums to persons over 55 years of age at prices from $400,000 to $1,000,000. It was the first time the group had revealed the units were to be in the form of condominium ownership.
C. J. Follini, Managing Member of the North Street Community LLC, presenting to the Council of Neighborhood Associations Tuesday evening. Photo, WPCNR News
Pirro Group Bought Out.
Follini announced his group had also acquired the ownership of 311 North Street, (currently housing medical offices), from the group that formerly owned it, giving North Street Community LLC total ownership of the property. Follini declined to discuss the terms of the 311 acquisition. Asked by WPCNR if the former owners of 311 had exchanged ownership for an equity stake in North Street Community, Follini said they did not and they were “completely out of the project.”
311 North Street, (upper left picture), presently a series of medical offices was acquired by North Street Community properties and will remain as part of the site, and undergo substantial renovation to house community outpatient services, Follini said. The former St. Agnes Hospital, upper right, will be converted into an assisted living, nursing facility for the use of the community residents, should they eventually need assisted living care. Photo, WPCNR News.
Quarter of a Billion Handle?
The breakdown of the 390 one-bedroom, two-bedroom units was not broken down at the meeting. Should North Street Community sell each for the minimum price of $400,000 would bring the North Street Community a minimum gross sales of about $156 Million. If the median price per unit approached $700,000, the rough “handle” on the project North Street Community could realize would be approximately $273 Million. North Street Community purchased the property for $21.5 Million from the New York State Dormitory Authority at auction last December 15.
The Dormitory Authority refused to consider a bid by the Italian-American Society to create a senior living home on the property at that time, that would keep St. Agnes Hospital open, and divested itself of the property for the $21.5 Million price paid by the Noyack Equity Group, as North Street Community was known as at the time.
Condos Subject to Affordable Housing Set Aside? No, Says Malmud.
Rita Malmud, White Plains Common Councilwoman, was asked by WPCNR whether now that the North Street Community was a condominium luxury housing project with health care services available, (“a hybrid of senior housing & health care” as described to WPCNR by Mr. Follini), did the project become subject to the city’s “Set-Aside Affordable Housing rule.
Ms. Malmud, said, “That’s a very interesting question,” but pointed out that the North Street Community property was not in the area in which the city “Set Aside Rule” currently applies. (It stops at Bloomingdale Road.)
Senior Housing Zones
Asked how the Common Council could prevent such developments from spreading on the New York Presbyterian Hospital property, Malmud suggested designating “Special Zones” of the city where senior housing could be built, the North Street Community property being one of them.
Malmud noted that if the city granted a Special Permit to the R1-12.5 zone (which permits 90 homes to be built on the North Street Community property), it would have to apply to all R1-12.5 zoning. Malmud said in setting aside such “senior housing zones,” the city could have the opportunity to attach the “Set Aside Policy” to such projects, including Mr. Follini’s.
Why the Switch from Housing.
Follini, in his remarks to the Council of Neighborhood Association, which was inundated by a large contingent of owners in the Wyndam Close condominiums adjacent the property, said his group had considered building 90 homes on the 23.2 acre site, but felt the senior housing complex made more sense and fit the 1997 Comprehensive Plan stated need for senior housing. The ninety homes perhaps, WPCNR speculates, would realize the organization considerably less in long term revenue, less cost of construction with no long term revenue generation, which the North Street Community concept provides in licensing fees, and upfront money.
The Overview of the Project. Photo, WPCNR News
Wanted a Health Care Partner.
Follini said North Street Community is seeking “a licensed health care operator” to operate the 390 units of senior housing, for the North Street Community and the selected operator would also manage the Assisted Living and Nursing Facility he proposes to locate in the former St. Agnes Hospital Building. Follini noted that “we expect to sell the condominium units, but we would not remain on the Condominium Board, and the licensed operator would join the condominium board.” Follini said his group would retain ownership of the property.
Follini said they were talking with prospective health care providers at the present time. He said New York Presbyterian Hospital was not one of them, and said at one point, he had not talked to them, had not had any calls from them, and they were not being considered. The issues of how any licensee would partner in the project were not discussed (such as whether the licensee would contribute in the construction phase).
311 Remains. Will Honor Leases.
As for the fate of the 311 building, formerly owned by the Simone Brothers-Pirro Group-Fisher Brothers, Follini said the building is to be home of community outpatient services, and that he would honor the leases of present tenants of the building, though extensive renovations were planned. Follini emphasized that neither the 311 site nor the converted St. Agnes Hospital building would offer emergency care.
Sightlines showing views neighbors would see: Sightline at top shows the treeline buffer shielding Wyndham Close from the proposed project. Sightling at bottom is the view from North Street, looking West. Photo, WPCNR News.
Questions and concerns of residents of Wyndham Close, the neighborhood adjacent to the North Street Community property hung on traffic and the green buffer between Wyndham Close and the property.
Traffic Studies Under Way.
Steve Kass, an attorney for the North Street Community, said that extensive traffic studies were under way and these would be included in the scoping process which begins August 25 at a Common Council Work Session beginning at 6 P.M in City Hall. The scoping process will continue at the September 6 Common Council meeting at 7:30 P.M, sometime during the course of that meeting.
Kass assured residents that the Environmental Impact Statement would make extensive study of the traffic effects of the 1,040 parking places proposed. The large number of parking spaces (to be placed underground), Follini said, were to handle the needs of the staff required for the Assisted Living and Nursing Facility at the St. Agnes Hospital building.
Follini said that he did not expect to begin the project until the middle of 2006, according to the present timetable for council consideration of the proposal. In the question and answer period, Follini said that his marketing surveys showed that the average age of the expected condominium buyers would be 72 years of age.
