The Business Journals - Week of July 11, 2022

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AWARD WINNING EDITORIAL

JULY 11, 2022 VOL. 58, No. 28

INCLUDING THE HUDSON VALLEY

westfaironline.com

BY JUSTIN MCGOWN jmcgown@westfairinc.com

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Aircraft on display at Million Air during NBAA Regional Forum at Westchester County Airport.

DOES CONNECTICUT’S INCREASED MINIMUM WAGE SOLVE PROBLEMS OR CREATE THEM? The Norwalk outlet for the Duchess Restaurant chain, one of the businesses dealing with the newly increased minimum wage. Photo by Justin McGown.

onnecticut’s minimum wage was increased on July 1 to $14 an hour as a result of legislation signed into law during pre-pandemic 2019. In 11 months, the state minimum wage will again be increased up to $15. Even before the next increase, Connecticut’s minimum wage is among the highest in the country, exceeded only by California and Washington, D.C., as well as a handful of cities that have set their own minimum wages. “For too long, while the nation’s economy grew, the income of the lowest-earning workers has stayed flat, making already existing pay disparities even worse and preventing hardworking families from obtaining financial security,” Gov. Ned Lamont said in a press statement announcing the increase. “This is a fair, gradual increase for

MINIMUN WAGE

Planned hotel site being auctioned in New Rochelle BY PETER KATZ Pkatz@westfairinc.com

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piece of property that had been envisioned as being ideal for a hotel is being offered for sale in an auction that is due to receive final bids from qualified bidders on July 19. The property is at 115 Cedar St. in New Rochelle, adjacent to I-95. The services firm Newmark has been retained as exclusive agent by the entity Bankruptcy Estate of WP Realty Acquisition III LLC and approved by U.S. Bankruptcy Court for the

Southern District of New York to solicit competing bids for the property. Newmark had previously offered the property for sale before moving to the auction process. Initial bids will start at $4.95 million with a 5% good faith deposit and a 10% winning bid deposit, according to Newmark. Documents on file with the Westchester County Clerk’s office show that the property was purchased on July 20, 2018, by WP Realty Acquisition III LLC located in Dobbs Ferry from Cedarland L.L.C. located in Manhattan. The

consideration was $3,65 million. Ward Capital Management, located at the same Dobbs Ferry address as WP Acquisitions, in late 2018 presented a plan to New Rochelle in which it would team up with Wyndham Hotel Group and construct a 24-story tower with 150 standard hotel rooms and 75 extended-stay suites. The extended-stay suites were planned to be larger in order to attract customers who would want to stay for several weeks. The estimated cost of the hotel project at the time it was pro-

NEW ROCHELLE

22 Rendering of the hotel that had been proposed for 115 Cedar St. in New Rochelle.

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