X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WHITE PLAINS, NY-While no financial terms of the transaction were disclosed, Cappelli Enterprises announces that New York City developer Donald Trump has become a partner in the firm’s 35-story. $325 million luxury condominium tower that is currently under construction. Valhalla developer Louis R. Cappelli tells GlobeSt.com that with the agreement, Cappelli Enterprises retains at least 50% ownership of the south tower condominium building now known as Trump Tower at City Center.

According to a Cappelli statement, Trump’s involvement in what was the south tower building, includes the development, sales and management of the building when it is completed. At present, construction on the condominium tower, which was redesigned by Manhattan architect Costas Kondylis, has reached the 16th floor. Kondylis has designed many of Trump’s residential high-rise properties in Manhattan.

The property will feature 212 luxury residences and will be ready for occupancy by the summer of 2005, Cappelli officials say. Units will be priced from $600,000 to $3 million.

“The location and architecture of Trump Tower at City Center is top of the line,” Trump states. “Trump Tower at City Center will not only attract the highest level of Westchester purchasers, but will also attract purchasers looking for an alternative to living in Manhattan.”

The deal with Trump follows up an agreement announced on March 31 that JP Morgan Fleming Asset Management had invested $105 million into Cappelli Enterprises’ north tower building (One City Place) located at the firm’s City Center complex here. The One City Place building, which is now being occupied, is a 35-story rental apartment tower that includes 311 units.

White Plains Mayor Joseph Delfino says of the deal between Trump and Cappelli, “The Cappelli name is a proven entity in Westchester County and the Trump name is a proven entity in world-class residential development. This is an ideal combination of talent, knowledge, ability and reputation that will serve our city well.”

Cappelli also says that the Marketing Directors has been named exclusive marketing and sales agent for Trump Tower at City Center. HRH Construction is the construction manager on the Trump Tower project.

In addition to the residential tower buildings, City Center also includes a loft condominium building and 450,000 sf of retail space that was constructed at the site of a former Macy’s store on Mamaroneck Ave. and Main St.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.