"Building Yonkers By Building Business Relationships"
|
||
|
"Building Yonkers By Building Business Relationships" |
||
|
|
||||||
|
Mount Vernon tower, Yonkers nursing home sell for millions by Ernie Garcia April 5, 2010 A bankrupt, unfinished residential tower in Mount Vernon and the Jewish Guild for the Aged Blind campus in Yonkers have both been sold in multimillion-dollar transactions. The Vista at Fleetwood at 550 Locust Ave. and 543 N. MacQuesten Parkway has stood unfinished next to the Bronx River Parkway with construction dormant for almost two years. The building's original owners, the Judelson Development Group of the Bronx, declared bankruptcy and defaulted on a $15.5 million loan from the Bank of New York Mellon issued in 2005. The building was auctioned this year, and county land records show that Michael V. Petrillo of 550 Locust Development Partners LLC of Mamaroneck bought the property for $6,184,400 at a March 9 closing. Petrillo, president of Petro Real Estate Development Corp. in Mamaroneck, said his family had an interest in the building and in the Fleetwood neighborhood where it's situated because his father was born and raised in Mount Vernon. "We're a family-owned business and we're hands on, and we feel that's an asset when attacking projects like this," Petrillo said. He said his company has not decided whether the 70-unit complex, which is about 30 percent unfinished, will remain a condominium project or if his company will turn it into rentals Petrillo could not say when work would resume on the building because his company was still determining how to proceed. In Yonkers Westchester ALP Property LLC of Flushing, purchased the Jewish Guild for the Aged Blind campus on 75 Stratton St. S. next to the Saw Mill River Parkway for $14 million at a March 25 closing. The company will use the campus as a nursing home for adults who have Alzheimer's disease, said Paul Adler, senior managing director for Rand Commercial Services, the company that negotiated the deal. Adler said the new nursing home would benefit the city because — unlike the Jewish Guild for the Aged Blind — the new nursing home will be run by a for-profit company, so the property will return to the city's property tax rolls. The Jewish Guild for the Aged Blind, which operated on Stratton Street South for more than 80 years, ran programs at the campus until about six months ago. It will still have a presence in Yonkers because it operates an adult day-care facility in the Southern Westchester Executive Park off Executive Boulevard. Adler said the company that bought the campus already operates other nursing homes in New York state, including the Fairview Nursing Care Center Inc. in Queens. |
||||||
|
||||||
| Return to News Home | ||||||
| Return to News Home |
