Nevele Resort On Market for Over $26M

ELLENVILLE, NY-One of the properties that symbolized the glory days of the Catskill resort region is on the market for sale. The ownership of the Nevele Grand Resort & Country Club is looking for interested buyers for the storied resort here and has set the asking price at $26.5 million.

The 433-room resort was built in the early 1900s and sits on 487 acres along Route 209. The Nevele was a popular stop for many entertainers in the 1940s, 1950s and 1960s during the heyday of the Catskill resorts. Since then many of the “Borscht Belt” hotels have been closed or have been sold. The property comprises a 40-building property that consists of approximately 550,000 sf.

“For well over a century, the Nevele has been a destination resort for several generations of families and conventioneers, wishing to enjoy the splendor of the Catskills and the property’s amenities,” Carillo says. The property’s amenities include: three full-service kitchens--one is Glatt Kosher--dining rooms, meeting rooms, nightclubs, lounges, indoor and outdoor swimming pools, diving pool, kiddie pool, indoor and outdoor tennis courts, racquetball/basketball courts, handball courts, a fitness center, an 18-hole championship golf course designed by Robert Trent Jones and Tom Fazio, two lakes, horseback riding trails, a skating rink, a children’s game room, snow skiing and tubing facilities. In addition to the main hotel/resort buildings that are connected by underground tunnel, the complex also includes winter lodge buildings, a ski/skate chalet, a day camp and staff housing.

The Nevele turns a net profit of $2.5 million per year despite sporting just a 28% occupancy. “An iconic property that in its heyday represented the height of luxury in the Catskills, acquiring the Nevele is a rare opportunity to upgrade an Ulster County landmark situated among the majestic Shawangunk Mountains, to bring it back to its original pristine grandeur,” he adds.

Ulster County has zoned the property RV-15, for Residential Village and R-40 for Residential/Resort. However, it is not known how many residential units could be developed on the property since a new buyer would have to seek municipal approvals for any new residential development on the parcel. The property includes contiguous land parcels with the exception of a 109-acre site located across Route 209 that the ownership had planned to develop as either a 100-acre nine-hole golf course or as time-share residential development.

Ellenville, NY - Loans $3.15M for Ellenville Apartments

Ellenville, NY - Nonprofit Loans $3.15M for Ellenville Apartments

Ellenville, NY - Developer Jonah Mandelbaum, who is building new, low-income apartments next to Ellenville Regional Hospital has a $3.15 million loan to help fund the project.

The money from the Community Preservation Corp., a regional nonprofit, finances the first phase of the 144-unit development.

The apartments will rent from $210-$560 per month. The first phase is scheduled to be ready for people to move in before the end of the year.

Kingston - City, developer dispute studies

KINGSTON - City officials say a plan for a 1,750-unit housing complex on the Hudson River complies with both state and city waterfront revitalization guidelines, countering an argument a local environmental group.

City Planner Suzanne Cahill said two reports on the proposed Hudson Landing project and on opposing studies by Friends of the Kingston Waterfront bear out that conclusion.

One of the reports was compiled by Daniel Simone, a representative of AVR Acquisition Corp., the Yonkers-based project developer. The other one was done by George James, one of several consultants hired by the city, at the developer's expense, to oversee the project.

"The reports from our consultant back up the position that the project as it is currently proposed is consistent with the city's local waterfront revitalization plan, and with the state's coastal policies," Cahill said.

Mayor James Sottile said in a prepared statement that "the reports indicate this project will be a benefit to the community."

"The development as designed and presented follows the policies of smart growth," Sottile said. "We are cleaning up a long-vacant industrial site. The project meets the objectives of the city of Kingston for growing our tax base in a responsible manner."

The statements from Cahill and Sottile followed two studies of the Hudson Landing project that said the proposed development violates both the city's Local Waterfront Revitalization Program, which was adopted in the mid-1990s, and state coastal development guidelines.

One of those reports was done by Scenic Hudson, a Poughkeepsie environmental group that is a member of Friends of the Kingston Waterfront.

Jay Burgess, a Scenic Hudson spokesman, said the organization had not reviewed the AVR or James reports.

"We are requesting copies of the reports and will be able to comment after reviewing them," Burgess said.

The studies submitted to the city by the Friends of the Kingston Waterfront concluded that the housing unit project would have "unacceptable visual impacts" within the city and from various points in Dutchess County. Those impacts are in direct violation of the city's Local Waterfront Revitalization Program, according to a press release from Scenic Hudson.

The city studies say something different.

James, in his report, called into question the accuracy of Scenic Hudson's data.

"Their aggressive uses of assertions unsubstantiated by hard data and objective criteria is a form of intellectual bullying that has now become an unfortunate part of the record regarding this project," James said. "Hudson Landing is not too dense but consistent with existing densities in the city of Kingston. (The) Hudson Landing site is urban and is at the center of Ulster County's urban area."

Simone, who has represented AVR at numerous public meetings on the Hudson Landing project, said there would be no lessening of public enjoyment of Hudson River views because of the project.

"While the revised project remains directly visible from public places within the Mid-Hudson Historic Shorelines Scenic District, the (developer) does not believe there is a basis for a claim that the project would clearly interfere with or reduce the public's enjoyment and/or appreciation of public views," Simone said.

Simone also described Scenic Hudson's report as "flawed, replete with erroneous statements and misrepresentations."

Catskill plans to adopt new floodplain regs

Catskill plans to adopt new floodplain regs

By William J. Kemble, Correspondent

03/23/2008

CATSKILL - The Town Board has scheduled an April 1 public hearing on a proposal to update a town law governing erosion control for properties in designated floodplains.

The session is scheduled for 6 p.m. at the Washington Irving Senior Center on Thompson Street in the village.

"The New York state Department of Environmental Conservation requires that we pass this in order to remain eligible for the national flood insurance program," town Supervisor Peter Markou said.

"All communities have to do this," he said. "We're using the model copy that they provided us and will simply replace the provisions that we have now with these."

Under the law, no new construction would be permitted in flood plains or near regulated streams unless:

* Applicants can show that development will not increase water levels more than one foot.

* A technical evaluation from a licensed engineer shows that encroaching on a flood-prone area will not result in any increase in flood levels.

* Approval is received from the Federal Emergency Management Agency.

* Construction includes the use of materials and utility equipment that is resistant to flood damage.

State officials say the cost of insurance payments have forced regulations that attempt to protect items most often damaged in floods. Among the requirements are that new and substantially improved structures have fully enclosed areas for vehicle parking and building access "below the lowest floor" but "other than a basement."

Poughkeepsie - DeLaval site cleanup won’t be too bad

Poughkeepsie - Tuesday, March 18, 2008


But pending work to correct environmental problems at the former DeLaval site along the Hudson River in the City of Poughkeepsie will be worth any temporary inconvenience to nearby residents.

That was the word Monday night at city hall from state officials and private engineers during a public forum on the $9 million cleanup project — needed to prepare the 13-acre site for construction of offices, restaurants, a marina and a public walkway.

“Nearby residents may note an occasional odor,” said Scott Smith, project manager for engineers Clough Harbour & Associates, of work that will soon begin to remove contaminated soil from the site. He said noise from trucks and construction equipment could also affect neighbors, but every effort will be made to lessen such effects.

In the end, Clough Harbour principal Frank LaVardera said the redeveloped former industrial site “is going to be a great project for the city.”

Officials said construction trucks will be banned from nearby Pine Street during the cleanup, which could be completed before the end of the year. Monitoring of air quality and noise will also occur.

The Common Council hosted an informational session on the cleanup with the engineers and a state environmental official. The cleanup is needed to make way for the second phase of waterfront development from the Bonura family, which opened a catering facility and restaurant off Rinaldi Boulevard in 2006. The DeLaval site is also off Rinaldi, near Pine.

Rinaldi resident Frank Clark wondered about noise from trucks removing contaminated soil, asking “wouldn’t it be better to put it on barges and then remove it?”

Officials said how materials are removed is up to the project contractor, adding trucks are the method it plans to use.

State will help with tab

Stamford Wrecking Co. of Connecticut will perform the cleanup. Most of the remediation will be paid for by the state.

Officials said the project will include adding bulkheads along the river, excavation of some soil to be disposed off-site and removal of an old pipeline and storage tank.
The history of heavy industry at DeLaval, a former milk machinery company, left contamination there. Officials said petroleum is the likely problem

One Million Square Feet For Montgomery

MONTGOMERY – A New York City-based investment company Monday announced it is under contract to buy 282 acres of land in Montgomery with plans to develop it as the Hudson International Business Center.

The project, to be developed by Savanna Investment Management, LLC, envisions over one million square feet of commercial space and a 60-room hotel.

One of Savanna’s principals, Shep Wainwright, said with Stewart Airport growth on the horizon, his group felt the time was right.

“With the amount of money it looks like the Port Authority is committed to invest in this airport, and this isn’t our first project here – we have the 3 Enterprise Drive project—and we have been looking up in this neck of the woods for a while,” he said.

Savanna also owns the 350,000 square foot industrial building at 3 Enterprise Drive at the Stewart Industrial Park in the Town of Newburgh. It is leased by FedEx and Nexans.

Orange County Partnership President Maureen Halahan said the land is in a prime location.

“With the airport now being developed and coming on line, there is going to be a need for this type of industrial space. They’re smart. They’re looking to the future.”

The company hopes to develop up to five buildings ranging from 130,000 to 475,000 square feet in size with a mix of build-to-suit single-tenant and multi-tenant configurations, said Wainwright.

The group expects to submit plans for approve in the next 60 to 90 days.

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Losses Continue at KHOV

Homely quarter for Hovnanian. Homebuilder Hovnanian (HOV) reported its sixth straight quarterly loss. EPS were -$2.07 on revenue of $1.09B (-6.2%); analysts expected -$1.96/share on revenue of $911M. HOV sees 2008 cash flow from operations in excess of $100M. Shares gained 1.3% in AH trading. Meanwhile Toll Brothers (TOL) says it could suffer "significant losses" if some of its JV partners (it won't say which) fail to honor their obligations. WSJ thinks one of the partners may be Kimball Hill Homes, which is in trouble. KB Home (KBH) and Beazer (BZH) are involved in the same JV. Homebuilders used JV deals during the housing boom to buy expensive land with leverage while keeping it off of their balance sheets.