Capelli’s Credit Worthiness in Question By Hezi Aris

eHezi Archives 41 Comments

EHezi_charicature Yonkers, NY — The SFC Yonkers Inc.
Project slated to be a $1.6 billion development centered about Chicken Island
was divulged last week by
Yonkers City Council Majority Leader Sandy Annabi, Yonkers City Council Minority
Leader Liam McLaughlin, and Yonkers City Councilwoman Patricia McDow to have been
scaled down by two-thirds. The supposition by all who heard the telling by the
council members of the PowerPoint presentation given by Yonkers Mayor Phil
Amicone in Executive Session at the Mayor’s Conference Room, spoke of the need
to reduce the project because the banks were not lending. In reality, credit
worthy projects are garnering financing throughout New
York State .
Credible sources have exclusively revealed to Yonkers Tribune’s acid-tongued
bloggers that the SFC Yonkers Inc. Project
is not presently considered worthy of being underwritten to its original $1.6
billion cost projection. The allegation is born upon three bonafide assertions by
people known to Yonkers Tribune who contend that Louis Cappelli is overextended
financially.

 


The precarious financial circumstances that have allegedly caused
the diminution of the SFC Yonkers Inc. Project
revolve about the unsuccessful effort to make sufficient sales of  luxury condominium residences at the
fourty-four glass towers known as the Ritz-Carlton, Westchester,
located in White Plains, NY.
The Ritz-Carlton, Westchester has allegedly precipitated
Mr Cappelli’s precarious financial circumstances.

In an article first published March 30, 2009, in The Journal News, entitled “Cappelli
Official Insists Company is Committed to Yonkers
,” written by Len Maniace,
he reports ‘“…that Cappelli Enterprises no longer plans to move its offices to
White Plans because "the whole company is focused’ on a $1 billion project
in Sullivan County…”

That circumstance led Ms Annabi and Mr McLaughlin to
question whether Capelli Enterprises were committed to the Yonkers
downtown development.

“Cappelli Executive Vice President Joseph Apicella insisted that
the company remained fully committed to the $1.6 billion Yonkers
project…” continued The Journal News article.

“Apicella said the remarks by Cappelli Vice President Bruce Berg
overemphasized the importance of the redevelopment of the Concord Hotel into a
hotel, racetrack and casino as the reason for the company not moving from its
offices in Valhalla.”

Continuing further, Mr Apicella, who is also SFC
Yonkers Inc. Project Manager for the partnership said, Mr Berg “was referring
to his focus, but that is not the focus of Cappelli Enterprises.”

Only days later, in an Executive Session at which Mayor Phil
Amicone gave a PowerPoint presentation of the now reduced project, worth only
one-third its original size, shocked the entire Yonkers City Council membership.

Another issue that raised suspicion among Ms Annabi and Mr
McLaughlin took place on March 18,
2009 when it was learned that SFC
Yonkers Inc partners Fidelco and Cappelli had applied for a $4.2 million low
interest 108 HUD loan through the City of Yonkers
to pay companies and individual consultants long in arrears, and for other
various rationale. The 108 HUD loans were said to be personally guaranteed by
the partners Fidelco and Cappelli, both individually and respectively.

Mr Maniace wrote, “‘Annabi… said the loan application led her to
worry about the financial stability of SFC. That
sets off an alert. Why are they not going to their own banks? It set off a red
flag in my head,’ said Annabi, ‘who voted against the loan when the committee
met March 18.’”

Mr Maniace further noted, “McLaughlin said he was worried that
the key development sites might sit vacant for years if SFC
were not fully committed to the plan, something that has happened before in
downtown Yonkers. The councilman
said he was not completely reassured by Apicella's remarks.”

Mr Maniace also noted that “City Council President Chuck Lesnick
said the city was negotiating safeguards, including a series of construction
deadlines, that would prevent the land being idle for a lengthy period. Such a
plan would need to have some flexibility, however, due to the recession. Lesnick
said he hoped the contract for the land sale and the infrastructure financing
plan could be completed by the end of April….”

The Ritz-Carlton, Westchester, is
allegedly burning a deep financial hole in Mr Cappelli’s ability to raise the
necessary funds from his repertoire of banking resources. He is allegedly
financially spent. His often times business partner Donald Trump is also
allegedly in arrears on some of his projects.

Mr Cappelli has begun developing in the Catskills with New
York State
taxpayer funds allegedly hoping to survive long enough for his fortunes to
recover before he runs out of seed money. He is not now allegedly moving his Valhalla
base of operations to the Ritz-Carlton, Westchester,
allegedly concerned that he may lose that property to a seriously contemplated
forced bankruptcy filing.

The situation allegedly outlined herein demands proof be
divulged to the public at large.

It is up to Yonkers Mayor Phil Amicone, with additional due
diligence and scrutiny by the Yonkers City Council, to ascertain the credit
worthiness of the partners engaged in the SFC
Yonkers Inc. Project for proof of financing in entirety being in place.

eHeziCapelli’s Credit Worthiness in Question By Hezi Aris

Comments 41

  1. Lets just forget the phallic desires of 50 story buildings for now and put a shovel in the ground,somewhere.Symbolic,sure,but thats where we are at the moment.The Getty Square area and most of the surrounding areas are to be blunt,full blown slums.But what does Yonkers do? They build,in one quick hurry,’affordable’housing on Ashburton Ave,thereby expanding the low income,dead end neighborhoods Yonkers is famous for.The Council loggygagged on SFC,but got the Ashburton Ave. slum to be OKed mighty quick!

  2. Rent control,rent stabilization,state subsidized housing and low income public housing killed the Getty Square shopping area along with the neighborhood public schools on the westside of Yonkers.

  3. Again – the blame game – now lets blame Hezi. Are you guys really as insane as we thought?
    Hezi for council prez! why not? he seems to be the one that AMICONE’S CREW THINKS HAS THE POWER NOW. HAAHHAHAHHAHAHA…
    “Listen to the rythm of the falling BLAME – telling me just what a fool Amicone’s been”
    Rosesarered. Yes these businesses owners even Kelly did not deserve this mess. Only if Phil just LISTENED.

  4. Hezi, you say you are for development, but you attack every developer who tries to invest in Yonkers.
    When you chase every one away, we’ll have to see if YOU have any capital to invest in Yonkers.

  5. ANow..is right Bville has a central downtown (and is technically Yonkers btw)
    Yonkers downtown is a shell game and it looks like the business owners were caught up into this terriblly planned project for the city. Whoever is responsible should goto jail, Yonkers has been held down for this thing and now it’s not happening?
    1 business in Bville. Several on 1 street in Yonkers…its not adding up.

  6. Reality Check….you’re absolutely correct. But I think the people of Yonkers are quite smart. I think they understand what is happening not only across the country, but globably as well. You underestimate us. And that’s a huge part of the problem in Yonkers. We The People are underestimated by the slumlords of Yonkers i.e. City Hall. They don’t own us. They don’t control us. We The People, put them where they and We The People can remove from where they are. So back to your original epiphany….Bronxville has always had a consumer base, with many retail, restaurants, drug stores, etc. Downtown has not. We’re not going out of buiness, we never got started. Huge difference. Think before you speak.

  7. Another business in Bronxville went out this week.
    Realty check, everyone is in trouble, get out of your circle and in your car and evaluate what’s happening in every town across America, it’s going to be a dramatic life-style change for a while. Lots of businesses out on Post Road in White Plains, too. Gee let’s blame SFC and the Mayor for that also.

  8. all of this is now after the facts. The facts are so lost inside this giant ball of lies, money, greed, and politics. All the same stuff that has lead America down the wrong path, why is Yonkers any different?
    People do thing we live in a bubble…well epseically the people in charge of the bank accounts for the city. It’s been assumed that We can keep on…keepin on like we have and it will never come to roost!
    Well, it’s roosted a coupled of time now and We don’t seem to be going in a better direction anytime soon. As a city, we can’t fair any better than the country will at this point, but as a city if we doing work around that Minor little obstacle, we are dead meat! SFC is Yonkers AIG!

  9. cappeli is on the brinks of bankruptcy, commercial retail is DEAD, just drive thru central ave. each day there is another empty property, amicone and his adminstration has displayed a practice of pay to play, with incompetent people like FLEMMing and peterson who are waste of taxpayers money, this adminstration is going down..

  10. want to develop downtown: offer the same incentives given cappelli to the existing property owners.
    NOPE not Yonkers
    yonkers has to put on a show and give us another shopping center.
    who dreamed up this hair brained scheme?

  11. Nationwide ‘tea party’ protests blast bailoutStory Highlights
    Internet-driven movement sparks more than 300 protests against bailouts
    What began with bloggers was fueled by broadcast personalities
    Anti-bailout rallies held across the nation
    cnn.com

  12. DID I HEAR CORRECT THAT ZUPPA IS NOW GETTING A BUY OUT???!
    I guess if they dont get bought out they go out screaming and crying which does not help Amicone at all since he spent enough money sucking off Leggio the past how many years.
    Nice. We are not stupid people Phil. Goodbye to the waterfront!
    BACK TO BEERS AT JFK MARINA AGAIN!

  13. Downtown could have been up & running mostly bu now if we didn’t waste our time on Ridge Hill and try to develope our own Bronxville where no one cares!
    downtown is falling apart for 50 years and we skip that to build another movie theater, a whole foods, and condos all the while we the downtown just sits & sits? It makes ZERO sense & it makes ZERO cents!

  14. tell us who is on the board of Yonkers Baseball..because frankley the stadium
    seems to be the sticking point which if
    not built might get everyone to agree
    on the remaining project so that at
    least some development can begin to
    take place

  15. Sansone and Pinto are blowing up the Baloons for a Channel 78 interview with Dave Simpson as they ride the “riderles” NY Waterway!
    Thanks for nothing Pinto you usless insignificant lieing sack of sh………
    FEDS ON PINTO!
    Did someone say that AMICONE was filing for backruptcy??? hahahaha holy cow.

  16. Again I will repeat myself: Parcels H and I could be viable IF the money isn’t spent on getty square! Get the waterfront going and it will flow up into the square! Amiclown won’t let the developers do there job IF they don’t build him a baseball field!!!! F.O.I.L to see who is on the board of directors for Yonkers baseball, you will have answers then!!

  17. hey guys…its not me posting I’ve
    been in court all morning sorry to disappoint you, but your personal attacks
    only reinforce everyone’s view that
    you can’t deal headon with an issue
    without lapsing into ad hominum attacks..

  18. I’ve spoken of the historic losses Yonkers has suffered in the past.The two most damaging ones,not previously mentioned, was the opening of Cross County Shopping Center,and the completion of the NYS Thruway.The former killed Getty Square as amecca for shoppers,and the latter paved the way for all those folks fleeing NYC,moving to what was mistakenly thought of as a suburb.They brought with them a certain distain for municipal procedures and disregard to what Yonkers was at one time.We have forgotten our past,and are condemned to repeat our failures.As flawed and as seemingly dead this project is,we must attempt to revive the downtown area as rapidly as possible.Even if it means making a deal with the devil.

  19. Lost, stop talking to yourself. I think you are the one who needs some time off. I guess I hit a raw nerve by bring up the Yonkers Black Sox. Now why don’t you go back to stealing panties out of Victoria Secrets.

  20. Has anyone seen the SFC mouthpiece Peter Klein around? Maybe his disappearance is the first step in the SFC retreat? Is he bowling in the Catskills with Rip? Is the SFC Yonkers project R.I.P.? Or maybe he’s hanging out in the BID office blowing up balloons with sanson?

  21. If 11:04 knew anything, which he or she does not, they would know Lost in Yonkers does not write or even think that way. Never has, and never will. So save your moronic comments for those who think as little as you do.

  22. 11:04. God called, he said he is “forsaken” Yonkers to go on a vacation for a while. Until we figure things out for ourselves, give him a call back when you get a clue!

  23. And you Anon,Lost, Just are the biggest JERK of all. Perhaps Hezi should turn the site over to you so you can pontificate all day. You try to come across as some rich bon vi vant when in reality you are a pathetic little troll. Trolling this site all day trying to make yourself look like a man when we all know that you are a little weasel.
    How dare you speak of self-interest when you have been shilling for some of the worst people to ever hold office in this city. We can start with your pal Ang, the clock, and go on to the rest of the Yonkers Black Sox of whom you were closely associated with. So don’t be pointing fingers at Annabi, McLaughlin,Robinson or anyone else in this city. You throw the stones and hide the hand, but remember God see and He waits.

  24. Is Yonkers still trying to get the same amount of $$$ for TIFF? If it is all scaled down, then TIFF should get scaled back or eliminated right? Since the project has changed, can Yonkers back out of the deal since it has changed again? Where is this going? Are we just looking to demolish anything we can right now for the sake of “development”

  25. This is 8:05 back again. The issue of city cars is NOT limited to Annabi and McLaughlin, but they are the two individuals who — for their own dishonorable motives — are trying to spin nonsense now. That is why I focused on them in that post. But the entire car fleet should be drastically reduced.
    On development, the project WILL be built. It will be scaled down to start, but $500 million available now will still get a lot done. Some on this site are just beyond ridiculous. They’d rather see downtown remain Ghetto Square than see the city succeed. That’s always been Yonkers’ problem…too much self-interest by too many people over the years. To them, the success of the city as a whole has always been secondary, if that.
    Annabi and McLaughlin are examples of that faction. So is McDow to a considerable degree. And so too are the comments of some on this web site. They are pathetic. They are moronic, and they are not worth responding to. Any jerk with a personal agenda can post here, and it’s clear some of them do.
    Any objective person, and they DO exist, knows it was the City Council that delayed and delayed on the SFC project. It’s up to the voters to deal with that. And that includes sending a strong message to Lesnick, who has been a main villain in this process.

  26. Just a few days ago Lost/Just the facts was saying how great residential was doing in WP. He also ignores the fact that WP was never a mfg. city. It is the county seat and a shopping area. It has been often said that it is a city without a soul. With all the troubles Yonkers has, it is a city with a soul and a personality. Yonkers never has nor never will be boring unless we allow some tasteless developer assisted by the pols. to turn us into a sterile cement city.

  27. Oh they audacity of these council members who, especially Annabi and McDow, would delay the project’s approval process, thus saving considerable fincancing for it. I recall once when Annabi swept her hand up into the air like a queen, saying, “Oh, what’s the hurry, why do we have to do thiys now?” when asked to schedule a vote, as there were many stages to vote on. She and others seemed to revel in stalling, and now they wonder aloud about financing? None of them are qualified to understand the realities of financing. One major rule is, “don’t cause uncessary expenses runs!” and yet that’s exactly what they did. And these people all have the take home cars also, and none of them show up at midnight disasters in their districts, claiming that’s why they must have a car – baloney. Even the red cross officials come in taxis or their own cars. This is common knowledge for those who REALLY CARE about Yonkers and don’t want to fleece people.

  28. WHO EVER THOUGHT THAT PROJECT WAS FOR REAL WHEN THINGS WERE GOOD IS NUTS…….NOW IF YOU THINK ITS EVEN A THOUGHT YOURE NUTTIER.
    WHO IN THEIR RIGHT MIND WOULD INVEST IN THIS CITY? LOOK AT WHITE PLAINS, CAPPELLI FINALLY SAW THAT GETTY SQUARE IS NO WHITE PLAINS.
    IT WAS NEVER GOING TO HAPPEN. NOT THEN, NOT NOW, NEVER.
    SIMPLE BUSINESSES (BARS, RESTARUANTS) IN THAT AREA CANT SURVIVE. IT IS A BODEGO ZONED AREA. FOR GET THE EMPIRE ZONE.

  29. One thing is for sure, there will never be a baseball stadium. NOT NOW, NOT EVER.
    Just ask any person in your neighborhood, and they all will tell you that the baseball stadium is a bad idea.

  30. 8;05 you have not got a clue!!! Hadlemen, They have all proven themselves to be self-centered self-righteous incompetent greedy fools!!! At our expense!! FEDs PLEASE!!!!!

  31. AMICONE IS CONTINUING TO BACKTRACK AND IS FALLING OVER HIS OWN TWO FEET. Why not just man up an be honest with the people, the merchants, the citizens, the council AND YOURSELF… and realize that by not listening to anyone since you were elected yours and our worst nightmare has come true.
    Be a man Amicone and admit this has fallen to s!@t. This is a joke and continues to become more of a mockery everday!
    You have two years left to leave with a descent rep.

  32. The Mayor, Deputy Mayor, Chief of staff, Untold number of spokesmen and advisors also have City cars. Should we not beleive a word they say also?

  33. This article is pure (or impure) speculation and tin-foil hat analysis based on spacy Annabi and McLaughlin assertions.
    What “credible sources” claim SFC isn’t credit-worthy for the full $1.6 billion? As if SFC stands alone? No, it doesn’t.
    The fact is that many, many projects across the country are being scaled down temporarily because of the recession and credit crunch.
    Once again, some in Yonkers live in their own universe, thinking they alone are being effected by negative economic circumstances. They have to blame someone. So they blame SFC and City Hall. The Council should be blaming itself for stalling around for years.
    1. Annabi is desperately trying to make herself look like an honest, responsible person as the Feds apparently are closing in. She wouldn’t know a thing about analyzing this data. She is a dope. She also still has a city car.
    2. McLaughlin is trying to get his name out there so he can run for Council prez. He also still has a city car. These two can’t even turn in their city cars in a recession. Their motives are plain as day. And their motives are personal and political. They don’t give a damn about Yonkers, only about themselves. No one should believe a word they say.

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