The CB Richard Ellis Tri-State investment team, led by Jeffrey R. Dunne, negotiated the sale on behalf of Brian Holding Company Partnership, an entity represented by Halpern Real Estate Development. Dunne and Chris McManus of the CB Richard Ellis Tri-State team were also responsible for securing the buyer, LC Main, LLC, an affiliate of Cappelli Enterprises, LLC. The final sale price of the property was $13.9 million or $126.36 per sf.

Developer Louis Cappelli had reported that he had reached an agreement with the Halpern family on the purchase of the property in the late fall of last year.

The former Halpern property, an urban renewal parcel that has frontage on Main St. and Hamilton Ave., currently features a row of retail stores on Main St. side and is also being used as a parking lot. The Halpern family had owned the property since the 1980s and had gained approval more than a decade ago for an office building complex, but never moved forward with the plan. In the mid 1990s, the Westchester developer had planned a multi-plex theater for the site. However, that project never materialized as well. The property also includes air rights and developments rights.

"Cappelli Enterprises has acquired an extraordinary development site," Dunne says. "The combination of this site with Cappelli Enterprises' current City Center development creates an assemblage of enormous potential which will clearly be the epicenter of White Plains."

Cappelli Enterprises is currently building the first phase of City Center directly across from this property on Main St. City Center at White Plains is a 1.1 million-sf, multi-use development that includes 600 luxury apartment units in two 35-story towers, called "The Summit at City Center." It also includes 40 loft-style condominiums and 530,000 sf of retail space.

The developer had scheduled a topping off ceremony for the retail component of the City Center project on Friday, Feb. 7, but that event was rescheduled for today (Monday, Feb. 10) due to snow. Cappelli is expected to officially present plans to the city on the 221 Main St. site shortly.

Instant Insights /

Cappelli Affiliate Pays $13.9M for White Plains Parcel

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