WPCNR MAIN STREET JOURNAL. By John F. Bailey. September 20, 2004: Louis Cappelli confirmed  to WPCNR today  he has leased the street level floor of the Bar Building for 15 years, including frontage of the Bar Building, 199 Main Street, from its owners, Frank and Anthony Longhitano.  

Meeting of the Minds on the Ground Floor: Cappelli told WPCNR Monday he made the lease agreement with the Longhitanos so he could control the  ambience of first floor, and “control” the look of the store frontage adjacent to his hotel/condominium complex he is developing one doorway down. Entrance to the historic former headquarters of the Westchester Bar Association is at the far right. Photo by WPCNR News

The existence of the agreement came to light when LC Main LLC, Mr. Cappelli’s corporation developing the hotel/condominium (221 Main Street), filed Registered Agreement # 442460483 with the County Clerk’s office September 2 officially giving notice of an agreement with 199 Main Street Realty Corporation, the owners of the Bar Building.  

LOUIS CAPPELLI pausing to answer questions from Reporters from Kids Xpress from the Slater Center at his most recent public appearance, the opening of Zanero's, August 16. Photo by WPCNR News

Monday, Mr. Cappelli explained to The CitizeNetReporter  what that agreement was. It signals the start of a new relationship between “The Superdeveloper” and Anthony Longhitano. Asked if this indicated a “thawing” of the relationship with the Longhitanos, Mr. Cappelli said, “He’s a great guy.  It's just busness. You can’t argue with a man who bests you in business.”

A Meeting of the Minds

Mr. Longhitano had held out from selling the Bar Building to Mr. Cappelli, and in an effort to protect his building from possible use of eminent domain proceedings by the City of White Plains, sought and received New York State Office of Historical Preservation designation as an historic building. Longhitano has steadfastly maintained the building was not for sale. However, he had never ruled out the possibility of a lease.

Cappelli said he has leased the space for $100,000 a year from the Longhitanos for the 1,900 square foot space, approximately $50 a square foot. Asked if he had a lease with an option to purchase, Cappelli said it was a lease deal, and that the Longhitanos would continue to own and rent the upper 19 floors.

Longhitano & Cappelli?

The SuperDeveloper said he and his company is currently in discussions with Mr. Longhitano on the details of refurbishing the existing South and West exteriors of the Bar Building, which Cappelli said would include removal of the window air conditioners and cleaning up the façade. Cappelli said the rear wall of the Bar Building will be  fitted with a mirrored glass façade to harmonize with Mr. Cappelli’s glass architecture planned for his hotel fronting on Court Street. No work would be done on the East wall of the Bar Building, Cappelli said because that would abut his hotel and not be visible.

Asked if he planned to lease or buy the rest of the building, Cappelli said that would continue to be owned by Mr. Longhitano, and tenants of that space would be paying their rent to Mr. Longhitano.

Demolition of Main Street Derelicts to Begin within “A few weeks.”

Cappelli said he was awaiting  the Department of Housing and Urban Development to approve him as the “designated developer” of the urban renewal portion of the 221 property and after that approval, demolition would begin.

Present Tenants on Ground Floor Will Not Remain.

Mr. Cappelli said he would begin negotiating with the present tenants of the first floor of the Bar Building, including a Subway Sandwich shop, a telephone store and a third leased space would be negotiated with to buy out their leases. The owner of one of those stores confirmed to another tenant of the building, who asked their name not be mentioned, that they have been advised by letter to pay their rents to LC Main LLC, Mr. Cappelli’s company.

A letter to this effect had been apparently been delivered to a tenant of the Bar Building on the seventh floor, leading WPCNR to check with the County Clerk's office to see if Mr. Cappelli and Mr. Longhitano had been collaborating. Three other tenants in the upper reaches of the Bar Building have told WPCNR they have received no such letter advising them that Cappelli was now their landlord.

Trump Tower at City Center Marketing Showcase to Open Friday.

Mr. Cappelli said he was on target to open the sprawling Trump Tower at City Center sales office Friday next to Grace Church, after converting a portion of the 221 Main building. He said he has 480 private inquiries into the availability of the the TTCC condominiums in the South tower of the City Center.

Opening Friday for Private Clients by Appointment Only: The Trump Tower at City Center Showcase on Main Street. Photo by WPCNR News

“This (level) of interest is unheard-of,” Cappelli said, and speculated that he expected to sell out the South Tower “very quickly.”

Predicts Bar Building Cache Will Be Enhanced.

Asked what effect the interest in the City Center and hotel condomiums would do for  the value of office space in the Bar Building, Cappelli said he expected rentals in the Bar Building to go up 30% or more. The Bar Building currently rents in the $18 per square foot range, and Cappelli predicts that after his hotel opens, office space in the Bar would rise into the “high $20s per square foot.”

More Cappelli News – Ginsberg Deal Off.

In a free-ranging discussion, Mr. Cappelli brought WPCNR up-to-date on East Main Street developments.

He said, he would contest the plans of A. J. Rotundi and Martin Ginsberg to build a 28-story apartment complex on top of the former A & P building adjacent to the City Center, because he said the building would obscure the Westward view of the City Center.

“Unfortunately the (any new 28-story) building just blocks the view. In my building you’d see him, in his building, they’d see me. It would look horrible. We were actually going to do a deal with him, (selling the Corner Nook-Citibank-Main Street Book Store property owned by Mr. Cappelli), and let him do the building,”  Cappelli said. But then he said, he had been admiring the view of the City Center Trump and City Center One citadels driving in on I-287 West, and he revised his thinking:

“But, after seeing that (the view from the eastern approach to the city) in the last week or so, we decided we’re not going to do it. Because I think low rise needs to be on that site. I have the highest regard for Marty Ginsberg and his company. They’re one of the top developers in the county. Unfortunately, I think we’re going to have a bit of a difference of opinion. ”

Cappelli said he did not expect Mr. Ginsberg and Mr. Rotundi to sell their property to him. “I think it’s just an issue of lawsuits filed back and forth. They’re trying to get control of the property I already own.”

Sees New Lowrise building on Corner Nook Site.

ATLANTA BREAD FACTORY READIES OPENING ON MAIN STREET at City Center. Photo by WPCNR News.

He said in view of the imminent opening of Atlanta Bread Factory, and the café in Barnes and Noble, that the Corner Nook was going to see increased competition. He said he would begin discussions with them soon to make them a settlement to leave the block. Asked what he planned for the block, which is adjacent to the entrance to City Center, Cappelli, said he planned a low-rise building with retail on street level, featuring another café “to activate the Center on both sides (of City Place.”

TRUMP TOWER AT CITY CENTER RISING. Mr. Cappelli plans a low-rise building with posh retail and a cafe to round off the City Place plaza, foreground to rise in the location at lower left of complex, where The Corner Nook cafe now does business. Building rising behind the traffic light is the City Center Garage. Photo by WPCNR News

Lining the Sewer to Begin in 7 days.

Cappelli announced American Water Systems would begin lining the Main Street Sewer next week.