NEW ROCHELLE, NY-The Lofts at New Roc, which was built in 2001 on top of the parking garage for the New Roc City development, is going co-op. Officials with Cappelli Enterprises, Inc., the developer of the Lofts at New Roc, are starting a program to convert the 100-unit, five-story rental apartment complex to cooperatives.
According to Joseph Apicella, senior vice president of Cappelli, those who are already renting apartments at the Lofts will be given the first opportunity to purchase their apartments at insider prices, after which officials will open sales to the general public. Prices for the units (excluding maintenance costs) will start at below $100,000.
In addition to the Lofts building and the adjoining New Roc City family entertainment complex the firm built a few years ago, Cappelli Enterprises is set to break ground soon on Trump Plaza, a new luxury residential tower and retail complex being built in partnership with Donald Trump. In addition, the city earlier this year designated Cappelli Enterprises as the developer for the Lawton Street urban renewal area, which is about a full square block opposite the New Roc City project. Company officials say that the firm's investment in Trump Plaza and the redevelopment site will total approximately $750 million.
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