Cuddy & Feder Closed on an IDA transaction for Beitel seeking to develop the former Esplanade Site in Downtown White Plains
Cuddy & Feder Partner, Eon S. Nichols, closed on a project with the County of Westchester Industrial Development Agency (IDA) for an $ 83-million multi-family development in downtown White Plains at 1 and 10 Lyon Place. The project (which will be located on the site formerly known as the Esplanade) will be developed by Beitel and will involve the redevelopment of two vacant buildings previously used as a senior living facility/hotel into two multifamily rental buildings. The project will consist of approximately 149 units at the 1 Lyon building and 63 units at the 10 Lyon building. The unit mix will be 50 studio units, 128 one-bedroom units and 34 two-bedroom units.
In addition to closing on the PILOT from the IDA, Cuddy & Feder closed on approximately $2.7 million in sales tax exemptions and $362,000 in mortgage recording tax exemptions benefiting the developer.
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