Condo developments stall in Port Chester
... once envisioned two dozen condominiums priced for middle-class professionals. In late 2006, Nick DiFilippo, a Greenwich, Conn.-based real estate developer, proposed tearing down the dilapidated buildings at 417-425 and replacing them with 1,100 ......While DiFilippo has completely abandoned his project, other planned developments in the village have stagnated.
It's been 2 1/2 years since Starwood Capital Group bought the 14-acre site of the former New York United Hospital Medical Center on Boston Post Road.
The village is still waiting for a proposal. Bruno J. Gioffre, an attorney representing Greenwich based, Starwood, said the delay is about finding the right project for the site, which may include a hotel and condominiums....
...The Wellington Greene, a five-story complex of two-bedroom condos at 410 Westchester Ave., opened a little more than a year ago and has remained mostly vacant........Down the block at Brookchester Court, a large banner in front advertises the 39-unit complex, which opened its doors at the end of 2006 and offers one-, two- and three-bedroom condos that start at $276,500.
Peg Fisk, who lives next door at 360 Westchester Ave., said the building is never bustling with people and she often wonders how many people live there.
A spokeswoman for Houlihan Lawrence Project Marketing said she did not know how many units are filled...
Are these troubles going to come to Greenwich?
Was Chris Fountain fired by the Greenwich Post for telling the truth?
Here is the latest "postings" from Chris Fountain's blog.
Here is an example of one of Mr. Fountain's posts:
More Market Blues, or, Apples to Apples
1 Brookside Park in Greenwich came on the market in May 2006 asking $4,895,000 and sold in November for $4,250,000. Whether because of buyer's remorse or a change in circumstances it was returned to the market by the new buyers in February, 2007, for $4,650,000 (nothing having been added or changed), lingered for 408 days and finally sold this past May 12th for $3,800,000. Rumor has it that the owners turned down an offer that would have brought them close to break-even and then ended up sitting on the place for another year. True or not, in this market, it probably pays to keep would-be-buyers talking.
Chris also says that:
"I was in negotiations with my former publisher, Greenwich Post, about returning as a paying advertiser, rather than a paid columnist. They wanted far more (5X) what they paid me for my column and, frankly, I couldn't see why I should invest in what is essentially a dying business. I can pay a smart young college kid I know a fraction of that fee to design and maintain a website, with links, photos, etc, and make this a better column, so that's what I've decided to do. Check back in soon and see what we've done."
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