2 | WALKABLE RETAIL SEPTEMBER 5, 2016 | VOL. 52, No. 36
5 | WATERFRONT RENTALS
YOUR ONLY SOURCE FOR REGIONAL BUSINESS NEWS
westfaironline.com
A developer’s death shadows rising Yonkers BY ALEESIA FORNI aforni@westfairinc.com
A
sk Wilson Kimball, Yonkers planning and development c o m m i s s i o n e r, about the ongoing revitalization of the city’s downtown and she immediately becomes animated. “It’s going great,” she said. “It’s going gangbusters.” Kimball said Yonkers has between 2,000 to 2,500 residential units and supportive retail downtown and could add another 2,000 units to the waterfront along Alexander Street by the end of the year. Developers have also been invited to send proposals for the redevelopment of Chicken
Yonkers Planning and Development Commissioner Wilson Kimball stands in front of downtown lots razed for redevelopment at Larkin Plaza. Inset, Yonkers developer Nick Sprayregen, who acquired the Larkin Plaza properties in background, stands at the same spot in 2007. Sprayregen died in July.
TWB Loan Decision Banner Ad 6” w x 1.5” h 2-23-16
Island, an underused municipal parking lot near Getty Square. The city aims to redevelop the roughly 6-acre downtown property, according to its recently issued request for proposals, as an "impactful, mixed-use site that contains a government center and a combination of uses." “It could be a mini-development,” said Kimball. Other projects in the development pipeline include creating a park near the Ludlow train station, transforming South Broadway into a culinary and dining destination and possibly relocating the Metropolitan Transportation Authority bus depot from its valuable lot in the city's Alexander Street redevelopment area. One man who shared Kimball’s » YONKERS, page 6
Developer claims broker’s fraud cost company millions BY BILL HELTZEL bheltzel@westfairinc.com
GINSBURG DEVELOPMENT COS. OF VALHALLA says a loan broker defrauded the company on projects in Mount Vernon and Yonkers and then used the arbitration system to disguise his schemes. Ginsburg sued David Blatt and CapStack Partners of Lower
Manhattan in August in state Supreme Court in Manhattan. Attempts to reach Blatt and his attorney for comment were unsuccessful. The Westchester development company, founded and headed by Martin Ginsburg, has built many residential and commercial buildings in New York and Connecticut. In 2013, the
company was looking for $13 million to refinance a Best Buy store on Sanford Boulevard in Mount Vernon and $94 million to finance its River Tides luxury apartments project on Warburton Avenue in Yonkers. Ginsburg was introduced to Blatt of Gemini Capital Markets, a commercial brokerage company operating in New York and
based in Huntersville, North Carolina. Blatt, according to the lawsuit, identified himself as Gemini’s managing director and described himself as an experienced loan broker who could procure favorable financing terms. Ginsburg and Blatt entered into agreements giving Blatt rights to find financing for the projects.
YOUR LOCAL COMMERCIAL LENDER
Blatt found a lender for the Mount Vernon project but informed Ginsburg the company had to pay an additional $537,000 in fees. By then, the developer was in “serious need of refinancing and was in no position to cancel the agreement,” the lawsuit says. The River Tides agreement ended after 30 days without Blatt » GINSBURG, page 6
CALL TODAY (914) 337-1900