Community Corner

The Cap and Neri's to Buy Rye Town Property for $1.85M

Rye Town officials had a hard time finding anyone who wanted to rent their three-story Town Hall building at 10 Pearl Street. But when they put the building and the town-owned parking lot across the street up for sale, they quickly saw more interest than expected, Town Supervisor Joe Carvin said.

That is because the people who want to buy the municipal property are not interested in the Town Hall building at all; they want the land across the street.

Neri Bakery owner Dominick Neri, Capitol Theatre owner Peter Shapiro and attorney Anthony Tyrone have teamed up to purchase the Town property for $1.85 million. The future owners plan to build a multi-level mixed commercial and residential building with a parking garage with space for 800 to 900 cars, Neri said. The Town Board voted to accept their offer at their July 16 board meeting. 

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“I am hoping that this is the beginning,” Neri said. “I see a lot of potential for growth in the village of Port Chester. It is a great place to be. I have been here 57 years.”

The commercial and residential part of the building will face Westchester Avenue, so there is no eye-sore of a parking lot on the main thoroughfare, Neri said. The Town will move its offices to Port Chester Village Hall and will use Port Chester’s court as well.

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 “More parking is only a good thing,” Shapiro said. “I am committed to the Cap for a long time, so anything I can do to collaborate with people like Dom who are leaders in the community and who are our neighbors is a good thing.” 

Both the business owners and Town officials agree that this deal is a positive thing for the future of Port Chester’s downtown business district. Carvin is also happy about the significant costs it will save Rye Town taxpayers.

The sale will save the Town from spending $1.8 million in needed repairs to the 65-year-old building and put $65,000 back on the annual tax rolls, Carvin said. The Town will net $1.6 million from the sale after moving costs are factored in and will save $254,000 annually from saved operating and modernization costs, interest earned on the sale and avoided debt service. Plus, the town’s balance sheet will improve by $3.4 million (the cost of needed repairs plus the profit from the sale), Carvin said. DPA plans to rent out the building, Carvin said.

The Town has to wait 30 days before they can close the deal because they have to give the public that amount of time to object the deal if they want, Carvin said.

“It has to be 10 percent of the town that formally opposes it, but I think its highly unlikely because it is so attractive financially for the town,” Carvin said. 

During the next 30 days officials will finalize negotiations with the Village of Port Chester to move into their offices at 222 Grace Church street and pay a rent of $65,000 a year, which is about $35,000 less than what it cost to operate 10 Pearl Street annually. Part of the deal with buyers is that they will allow the Town to occupy Town Hall rent-free until January, so the move would not happen until next year, Carvin said. 

The new owners will most likely make cosmetic improvements to the building and lease it, Neri said. They hope to begin construction on the new building across the street quickly.

“We met with the engineers this morning, so we will see what they come up with,” Neri said Thursday. “We hope to go from Westchester Avenue all the way up to the bakery.”

Currently, the Town only uses about 45 percent of its current building and Port Chester has room for Town employees in its Village Hall. District offices of State Senator George Latimer and State Legislator Steve Otis are also located in Village Hall. Carvin says that adding Rye Town offices there will make it a “one stop shop,” or “government center” for government affairs. Carvin said the move is a win-win for everyone, including town employees who would have a more modern, comfortable workspace in Village Hall. The Town has budgeted about $75,000 to make building upgrades to Village Hall and is currently seeking an architect to submit design work. The Board will hold a special meeting on July 24 at 5 p.m. to select an architect.

The Town Court will be moving to the Village of Port Chester’s Police Station/Court House. A motion to approve that move also passed 4-1, with Councilman Bob Nioras dissenting. Nioras also dissented from the vote to sell the building.

“Being able to use Port Chester court was key to this happening,” Carvin said. He also pointed out that the Town’s rent will go to the Village of Pot Chester, as opposed to a private entity, a benefit for residents there.

“This will create some real value for the Town and Port Chester. And I hope it unlocks development for downtown Port Chester,” Carvin said.  

 This is the second major Rye Town asset sale in recent months – the other being the sale of the Town Garage to the Village of Rye Brook.


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