Developer Looks to Steal Mount Vernon Properties
2
Developer preparing "massive" redevelopment on Mount Vernon's south side MOUNT VERNON — A developer who has already bought up multiple south side parcels recently offered to buy eight city-owned properties — valued at $2.9 million — for $150,000. MVP Realty Associates LLC of New York City has been working with the city's Planning Department for the past 18 months to formulate "a massive redevelopment and revitalization plan" for the E. Third Street, W. Third Street and S. Fourth Avenue corridor, according to a letter the developer filed with the city. "This project will totally transform the south side of the city, adding housing, retail, commercial and public venues," states the July 21 letter from MVP representative Daniel A. Amicucci to city tax assessor Anthony V. DeBellis, who is chairman of the city's Real Estate Committee. DeBellis said that MVP may not buy all the city properties listed in the letter. He also said the development company plans to come up with a new offer in the wake of a July 30 committee meeting on the project. DeBellis said the full market values ascribed to the properties in the city's records are not reality-based numbers, suggesting some of the properties are worth far less. For instance, he said, a defunct gas station at 204 S. Fifth Ave. that MVP is looking to acquire from the city has environmental contamination that lessens the property's value because of the clean-up costs for the contamination. Others have unpaid county taxes. DeBellis also noted the importance of selling city- owned land to a responsible developer that will improve the area and the property-tax base. As of Thursday a date for the committee's next meeting had not been set. Amicucci, a managing member in MVP, declined to comment on his company's intentions on Wednesday. Amicucci has been involved in a number of Westchester property transactions, including the purchase of the former Carvel estate in Greenburgh and a 21-acre farm in Kitchawan for a mansion project. MVP's address is 334-336 E. 110th St. in New York City, the business location of Lettire Construction Corp., which has a number of large, affordable- housing projects under construction in the Bronx, Harlem and Brooklyn, according to its website. According to Amicucci's letter, his company has bought properties at S. Fourth and S. Fifth avenues as well as on W. Third Street. The area is full of shuttered storefronts, derelict buildings, empty lots and car repair shops along S. Fourth Avenue between Third and Fourth streets. It has seen some redevelopment activity. On April 11, Grace Baptist Church dedicated a new 13-story residence it helped develop at 20 E. Third St. Mayor Clinton Young said he was familiar with MVP's plans but the project was not yet fully conceived. He described MVP's planned housing component as "workforce" housing. "I'm not building any more low-income housing," Young said. He called MVP's interest in the area an endorsement of the city. "That's a testament to how well the city is working now," he said. "We're safe, we're appealing and we're on the move." Advertisement http://www.lohud.com/article/20100815/NEWS02/8150372/Developer-p... http://www.lohud.com/fdcp/?1281900367482 1 of 2 8/15/2010 3:29 PM
-
Upload
samuel-l-rivers -
Category
Documents
-
view
125 -
download
1
Transcript of Developer Looks to Steal Mount Vernon Properties
Developer preparing"massive" redevelopment onMount Vernon's south side
MOUNT VERNON — A developer who has alreadybought up multiple south side parcels recentlyoffered to buy eight city-owned properties — valuedat $2.9 million — for $150,000.
MVP Realty Associates LLC of New York City hasbeen working with the city's Planning Departmentfor the past 18 months to formulate "a massiveredevelopment and revitalization plan" for the E.Third Street, W. Third Street and S. Fourth Avenuecorridor, according to a letter the developer filedwith the city.
"This project will totally transform the south side ofthe city, adding housing, retail, commercial andpublic venues," states the July 21 letter from MVPrepresentative Daniel A. Amicucci to city taxassessor Anthony V. DeBellis, who is chairman ofthe city's Real Estate Committee.
DeBellis said that MVP may not buy all the cityproperties listed in the letter. He also said thedevelopment company plans to come up with a newoffer in the wake of a July 30 committee meeting onthe project.
DeBellis said the full market values ascribed to theproperties in the city's records are not reality-basednumbers, suggesting some of the properties areworth far less.
For instance, he said, a defunct gas station at 204 S.Fifth Ave. that MVP is looking to acquire from thecity has environmental contamination that lessensthe property's value because of the clean-up costsfor the contamination. Others have unpaid county taxes.
DeBellis also noted the importance of selling city-owned land to a responsible developer that willimprove the area and the property-tax base.
As of Thursday a date for the committee's nextmeeting had not been set.
Amicucci, a managing member in MVP, declined tocomment on his company's intentions on
Wednesday. Amicucci has been involved in anumber of Westchester property transactions,including the purchase of the former Carvel estate inGreenburgh and a 21-acre farm in Kitchawan for amansion project.
MVP's address is 334-336 E. 110th St. in New YorkCity, the business location of Lettire ConstructionCorp., which has a number of large, affordable-housing projects under construction in the Bronx,Harlem and Brooklyn, according to its website.
According to Amicucci's letter, his company hasbought properties at S. Fourth and S. Fifth avenuesas well as on W. Third Street. The area is full ofshuttered storefronts, derelict buildings, empty lotsand car repair shops along S. Fourth Avenuebetween Third and Fourth streets.
It has seen some redevelopment activity. On April11, Grace Baptist Church dedicated a new 13-storyresidence it helped develop at 20 E. Third St.
Mayor Clinton Young said he was familiar withMVP's plans but the project was not yet fullyconceived. He described MVP's planned housingcomponent as "workforce" housing.
"I'm not building any more low-income housing,"Young said. He called MVP's interest in the area anendorsement of the city.
"That's a testament to how well the city is workingnow," he said. "We're safe, we're appealing and we'reon the move."
Advertisement
http://www.lohud.com/article/20100815/NEWS02/8150372/Developer-p... http://www.lohud.com/fdcp/?1281900367482
1 of 2 8/15/2010 3:29 PM
The purchase offerin Mount Vernon
MVP Realty Associates LLC of New York City isoffering to buy eight city-owned parcels. Their fullmarket value is $2.9 million; MVP's initial offer was$150,000. The properties sought in the company'sJuly 21 letter to the city's Real Estate Committee are:Property Full Market Value203 S.Fourth Ave. $133,757207 S.Fourth Ave. $162,420209 S.Fourth Ave. $305,732211 S.Fourth Ave. 1,194,267208 S.Fourth Ave. $191,082232 S.Fourth Ave. $417,197242 S.Fourth Ave. $238,853204 S.Fifth Ave. $305,732Source: Mount Vernon Tax Assessor's Office
Advertisement
http://www.lohud.com/article/20100815/NEWS02/8150372/Developer-p... http://www.lohud.com/fdcp/?1281900367482
2 of 2 8/15/2010 3:29 PM
