Westchester County Business Journal 122214

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December 22, 2014 | VOL. 50, No. 51

YOUR ONLY SOURCE FOR REGIONAL BUSINESS NEWS | westfaironline.com

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IN THE CLASS

AWARD WINNERS • 2

page 13

DOWNTOWN DEAL • 3

FACES & PLACES • 27

David Yassky, dean of Pace Law School in White Plains.

NJ firm buys Platinum Mile office buildings BY JOHN GOLDEN jgolden@westfairinc.com

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nyx Equities LLC, a New Jersey-based real estate investment and management company, has closed out an active year in Westchester County with its purchase of a 335,000-square-foot, two-building office complex where PepsiCo Inc. has temporary headquarters on the Platinum Mile in White Plains. A newly formed Onyx affiliate, Westpark Associates NY LLC, has acquired 1111 and 1129

Westchester Ave. from their long-time owner in Melville, Long Island, Westpark Associates I LLC. The ownership group was led by Lawrence A. Levine, managing partner at Melville Industrial Associates. The sale was announced by Matthew Keefe, president of HK Group in Westport, Conn., the sole broker in the deal. Onyx Equities declined to disclose its purchase price. Levine, the sellers’ lead partner, did not respond to a call for comment on the deal. Buildings, page 6

Empire Resorts chosen as Catskills casino operator

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BY JOHN GOLDEN jgolden@westfairinc.com

he former Concord Resort property in Sullivan County could be revived as a tourist destination after its selection by a state gaming board as the site of a Catskills casino to be developed by a nearby harness racetrack operator and the owner of New Roc City in New Rochelle. Supporters of a resort casino in Sullivan County emerged as winners in the highly competitive and occasionally rancorous competition this year for the state’s award of up to four casino gambling licenses in three upstate regions. Orange County supporters saw their bid for a casino dashed when the state Gaming Facility Location Board rejected all six applications from proposed developers there, citing concerns about “cannibalization” of existing gaming businesses in the New York City area and the risk that a casino in Orange County would pose to the success of a new competing casino in Sullivan or Ulster counties. With those concerns, the five-member board chose only one casino proposal rather than the two allowed by state law for the Catskills and Hudson Valley region. The board also selected developers’ proposals for casinos in the city of Schenectady in the Capital region and in Seneca County in the Finger Lakes region. The board will recommend to the state Gaming Commission that it license Montreign Resort Casino on the nearly 1,700-acre site of the former Concord Resort Hotel in the town of Thompson. The chosen applicant, Montreign Operating Co. LLC, is a subsidiary of Empire Resorts Inc., which owns and operates the Monticello Casino and Raceway a few miles from the planned development. Empire Resorts has partnered on the casino project with EPR Properties, a specialty real estate investment trust based in Kansas City, Mo. EPR is a former partner of Westchester County developer Louis Cappelli at New Roc City, the entertainment and retail complex in New Rochelle, and at City Center in White Plains. In a legal settlement in 2010, Cappelli transferred most of the acreage his company owned at the Concord Resort site to EPR as the partners’ plans to redevelop the site were halted in the financial crisis Casinos, page 6


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