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GREENBURGH, N.Y. – A $1.21 million sale of the Waterwheel property on Saw Mill River Road in Ardsley is nearing completion.
Greenburgh town officials unanimously approved a resolution last week authorizing the land sale to developer Ardsley Waterwheel Partners LLC. Developers want to build a 22-unit complex that includes 17 “fair and affordable” condominiums and five “workforce housing” units.
Officials anticipate the closing will take place within the next few weeks, paving the way for construction to begin, Greenburgh Town Supervisor Paul Feiner said.
Although the land is within Ardsley's boundaries, Greenburgh acquired the property because of a foreclosure. The town had originally authorized the sale in 2010, but county officials exercised their right to purchase the property first and then sell it to developers.
Developers have already submitted a downpayment on the property for $150,000.
Ardsley village officials unanimously approved the plan in December 2011.
The purchase agreement includes a restrictive covenant that ensures the affordable units will remain “fair and affordable” for 99 years. The affordable housing will qualify under the county's housing settlement with the Department of Housing and Urban Development.
The affordable housing units will be sold for an estimated $200,000. Workforce housing will cost an estimated $350,000 to $360,000.
Comments (4)
Seems like progress is being made on use of another unused property -- hopefully several famlies will find affordable housing in Westchester. Greenburgh and the Rivertowns communities are good places to live if you can afford it.
And I enjoy the fact that the news is reported in a clear and quick manner and residents and others are allowed to comment at length.
Kudos to those who commented here.. Freedom of Speech is alive despite whether we agree or disagree. There is so much news to process.
And why no mention of the size of the property to the cost per acre ratio? Is it because Feiner and his board would be proven complicit with the Frank's Nursery property give-away to GameOn 365 if you did? C'mon Meredith, be a reporter, not a stenographer!
Disagree. There is no basis for apples to apples comparison on land in different locations, existing zoning, and...known contamination.
Your unstated point however is well-taken in that the price per acre for Frank's was a knocked down, fire sale, bargain basement price per acre for land that would be delivered with the guarantee that the sought after commercial zoning and height variance would be part of the package. In fact, were this popularly known, the land and its existing structures might be of interest to buyers seeking a commercial location and have use for the former store building and paved parking areas. Frank's has a great commercial value in that it is just off a highway with on and off access from both directions. And to GameOn 365, an eight story bubble visible from the highway is both locational and advertising at no measurable value in the appraisal. MAI in appraisal attribution is not a professional acronym but rather Made As Instructed.
As for the environmental problems, the Town should have completed any required studies before seeking a RFP. How could they offer it to any responsible party before knowing what is was worth? Two appraisals and both claim ignorance as to the effect of known problems which may or may not influence the market value had the original RFP been a sincere effort and not one open only to close friends. The absence of a second RFP (following the Phase II study (itself contaminated by design -- remember "you'll wonder where the yellow went" and then substitute "carcinogens") only complicates the valuation further.
What is does do is wave a red flag over Ferncliff's alleged inability to find any suitable site in all of Westchester or the north Bronx when they "say" they are willing to lease 6 acres for $500,000 a year only if it also requires the demolition of 108 usable affordable housing units (see the news story to observe big deal over how many affordable units are coming (reduce Westchester's obligation) when the Ardsley site is built) then do the math. Not only does this call into question why Feiner would illegally lease the Frank's same size site for well under $300,000 but also that if Frank's acreage per Feiner is going for but $250,000 an acre if sold, why wouldn't Ferncliff instead buy this site or comparable land and own it outright for the equivalent of paying two year's rent?
Wait Mr. and Mrs. North America, the answer is just coming across the wire.
Ferncliff can't make a deal anywhere because no one but Feiner is willing to do a deal with them on the come. No money, no talky. Not unlike his willingness to do the same with GameOn 365; even the flawed Lease required GameOn 365 to fund refundable escrows. By not signing (thus having to put up cash not promises), not only did GameOn 365 avoid paying $250,000 toward the soil problem but also the $5,000,000 for Greenburgh. Lawsuit? Not a problem, per the Lease, if the Court finds the Lease illegal, the Lease would be voided and all escrows returned in full. Gee (Mr. and Mrs. North America) ever wonder why GameOn 365 didn't sign the Lease since it was offered as far back as August 2012? Now you know.
Which of course past performance (in Feiner's book) makes GameOn 365 even more reliable and able to come up with $1,650,000 to close. Which brings us full circle to the reasons for allowing the Waterwheel developer to have three years to get his ducks in order. And, back to Frank's, for GameOn 365 to find investors willing to fund a sports complex so children can play soccer outdoors on contaminated playing fields which can't be capped by asphalt.
If only others could see that it is business as usual in Greenburgh.
Great news after three years? I think not.
Generally land deals go to contract and close in three months.
But that's when the developer is ready, willing and able which was not the case.
I mention this because it how things are done in Greenburgh.
First the press release.
Then the contract.
Then the press release.
Then the fuss when the public sees it on paper.
Then the press release.
Then the signing or as in the case of GameOn 365 the secrecy.
Then the press release.
Then the press release.
Then the press release.
Then the press release.
Then the intention to close.
Then the press release.
Then the holding over of the Resolution to review/revise the final papers.
Then the press release.
Then the Passing of the Resolution to close.
Then the press release.
And today the story about the Closing to come.
Then the actual Closing.
Then the press release.
Then the ground-breaking with the photo-op.
Then the story with picture.
And thereafter...does this chain (as in pulling your) ring a bell?
Repeat for Frank's Nursery, WESTHelp/Ferncliff/off-season Tennis Court Lease.
(Cue Editor)
Thanks for reading this week's presentation of "Treasure Hunt". Be sure to return to read our "Heartline" column: "Greenburgh Distress of the Week" appearing soon here on the Feiner news outlet: All The News That Feiner Wants You To Read In Print.
"Well spin me around and blow me over mates; it must be an election year."
-Long John Silver
And $1.210,000 is not such a big deal AFTER you subtract the back taxes due on the property (the foreclosure) and AFTER you split the proceeds between Greenburgh and Ardsley. One problem is that after the Town Board passed the Resolution (not the three year old Resoulution to go to Contract) last week to ratify the closing, the Town Supervisor, the Town Board, the Town Attorney were asked how much remained for Greenburgh?
After three years later, no one knew.
Nor has it made it into this story a week later.
But the proceeds did appear as Town revenue in the annual budget for two years straight.
Clearly the Town is going to the goats.
Hal Samis