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.

Troubles Continue For Beazer

Beazer Homes Cut To 'B+', Stays On Negative Watch – Fitch. "Fitch Ratings cut Beazer Homes' (BZH) issuer default rating to 'B+' from 'BB-', senior notes to 'B/RR5' from 'BB-', convertible senior notes to 'B/RR5' from 'BB-' and junior subordinated debt to 'CCC+/RR6' from 'B'. Beazer's ratings remain on negative watch as it has not filed financial results... since its FQ2'07. Beazer has until May 15 2008, to file its financial statements to avoid an event of default under its bank credit facility and bond indentures. Also, there is uncertainty as to the financial impact of Beazer's potential liability as well as regulatory fines related to the violations found within its mortgage subsidiary, Fitch said." (Forbes, Mar. 5th)

Pine Bush - 154 Units Planned

Pine Bush - 154 Units Planned at Wolf Rock Development

The Town of Crawford as lead agency has informed the developers that the proposed Wolf Rock development must prepare a DEIS.

The site has a 50-foot strip of frontage on NYS Route 302 that is off-set just south of the intersection of NYS Route 302 and Stockmarket Road; the project plans propose an easement on lands just north of the site (owned by the Roman Catholic Church of the Infant Savior), in order to form a properly aligned 4-way intersection with Stockmarket Road and 302. The project is located on Edmund Lane and NYS Route 302 at the Town of Shawangunk boundary in the Town of Crawford, New York. A question some local Townspeople are asking is where are the buyers going to come from? The Boniface condominium development across the road has still not sold out after marketing for several years.

Approvals Expected for Tuxedo Reserve

Tuxedo Reserve Plans 1,195 Homes

Preliminary approvals expected in a few weeks for Tuxedo Reserve plans which include 1,195 houses on 1,235 acres west of Route 17, between Tuxedo Park and Sloatsburg.

Amenities will include a 20,000-square-foot fitness and day-care center, recreation club and library.

The first stage is a 103-unit neighborhood called North Ridge, with houses ranging in size from 2,500 to 3,500 square feet. Given that the Tuxedo Architectural Review Board is required to approve all homes, sales prices will certainly be way over $1 million. This is certainly not the affordable housing that is needed in the Hudson Valley.

Eventually, Tuxedo Reserve could double Tuxedo's population of 3,000 and add more than 400 students to the school district. Well healed New York City buyers will certainly gobble these homes up.

Preliminary approvals expected in a few weeks for Tuxedo Reserve plans which include 1,195 houses on 1,235 acres west of Route 17, between Tuxedo Park and Sloatsburg.

Amenities will include a 20,000-square-foot fitness and day-care center, recreation club and library.

The first stage is a 103-unit neighborhood called North Ridge, with houses ranging in size from 2,500 to 3,500 square feet. Given that the Tuxedo Architectural Review Board is required to approve all homes, sales prices will certainly be way over $1 million. This is certainly not the affordable housing that is needed in the Hudson Valley.

Eventually, Tuxedo Reserve could double Tuxedo's population of 3,000 and add more than 400 students to the school district. Well healed New York City buyers will certainly gobble these homes up.

Beazer Homes Fights Bankruptcy Rumors

Beazer Homes Continues to Fight Off Bankruptcy Rumors

Beazer Homes USA Inc. (BZH) continues to be hammered by. Bankruptcy Rumors. Recent quarterly results has helped to fuel the bankruptcy rumors.

Beazer posted a loss of $123.01 million, or $3.20 per share, which included a big pre-tax charge to write down inventory, compared to a year ago when it earned $102.62 million, or $2.37 per share.

Adding to the fuel is the fact that Beazer received a subpoena from the U.S. Attorney's office and is under investigation by the Securities and Exchange Commission. The company responded by saying that the rumors were "scurrilous and unfounded." The $500 million revolving credit facility has not helped the share price which just closed today at 6.90. The current projects in development by Beazer in the Hudson Valley have not had banner sales. The Price Point for end sales still need to come down.

MIDDLETOWN - Active Adult Site

MIDDLETOWN - Active Adult Site Available For $29,000 a Unit

Fully approved 142 Units of Active Adult – Over 55 has been for sale since April of 2007

It is our view that the best use for this site is for affordable Housing in the Active Adult market.

Monhagen Estates Available For $ 5,049,000

Middletown - Monhegan Estates consists of 104 single-family residential lots ranging in size from a minimum of 10,000sf up to over 4.5 acres.

The zoning for the site is C-3 General Business District with a tax map designation of Section 65, Block 1, Lot 1. The zoning permits single-family residents under Special Use Permit and is subject to the requirements in R-1 Zone. The current plan demonstrates proper planning by working with the sites natural features and surrounding neighborhood.

The site consists of 72.64 acres with 15.74 acres of ACOE Jurisdictional Wetlands and .6 acres of non-jurisdictional wetlands. The site is partially wooded with mixed deciduous cover and brush/meadow that is in a very early stage of succession. As typical with sites of this nature and maturity, the large trees are located along existing stone walls, old hedgerows, and barrow ways where they were not impacted by past land use practices. The proposed development will be accessed by two (2) road intersections to Uhlig Road.

A right of way for access to County Route 108 through the adjoining property to the east has been organized.

The site is located on the northeast side of Uhlig Road, southeast of the intersection with County Highway 49 in the City of Middletown, County of Orange, New York.

AL Ferrante wants to put condominiums on train Station

By Heather Yakin

Times Herald-Record

March 03, 2008

MIDDLETOWN — The owner of the former O&W train station at Wickham and Low avenues says he wants to put condominiums and businesses there, but a few things stand in his way: The property is zoned industrial, damage from a 2004 fire hasn't been fixed, and the city says he owes back taxes.

Al Ferrante, a partner in O&W Properties Inc., spoke last week at a 3rd Ward residents' meeting at City Hall. He was invited by Aldermen Ray Depew and Miguel Rodrigues.

On the ground floor, Ferrante envisions shops, a railroad museum and a drugstore. For the top, it's condos.

"When you buy a condo, you take care of it. It's your own," Ferrante said.

The audience was receptive to seeing the historic building restored, but they voiced concerns. Condos are fine, said Lisa McDowell, but she suggested that when someone buys one, they be required to live in it — not rent it to someone else.

Pat Foti asked how many condos, and how many bedrooms they would have. Ferrante declined to answer. Foti said there could be problems if families with kids moved in, because the building sits next to the railroad tracks.

Ferrante said if he gets an approval, he'll put $4 million into the building. But he's been battling the city for three years.

"I went to the Common Council many times, and I got zero, double zero," Ferrante said. "I am not gonna spend a dime until I know what the city is going to do."

Audience members said that lack of spending extends to maintenance, and that squatters and trash have been problems since the fire.

"He had that place rented," Foti said. "They had that fire, and he let it go all to hell. You go by there now, a piece of glass will fall on your head."

Public Works Commissioner Jacob Tawil said Ferrante is under City Court order to board up the windows.

Resident Ken De Leeuw said he doesn't want the city to miss the boat the way he believes it did five years ago with the old armory building. "These men are willing to spend millions of dollars," De Leeuw said.

Ferrante has a track record: He restored the Crawford Building on King Street, which now houses seniors and the DMV.

According to city records, O&W Properties also owes $90,833 in back taxes since 2005. After the meeting, Ferrante said that wasn't true — and then reiterated that he won't spend until the city gives him answers.