White Plains-based Cappelli Organization plans to build “The Standard" a 14-story tower at the site of the historic Standard Star building at 251 North Ave. … When completed, The Standard will be about 87,000 square feet, including about 4,000 square feet of ground floor retail space. The tower will consist of 112 "micro" units: 13 studios, 92 one-bedroom apartments and seven two-bedroom units.” LoHud
- High-Rise Development Begins at Former Site of Newspaper in Westchester (4/29/18)
- Capelli Joins with City Officials for Groundbreaking (04/26/18)
- Capelli Press Release (04/25/18)
- New Ro developer eyes Standard Star site for high-rise (3/29/17)
- New Ro's Standard Star development gets full go-ahead (10/30/17)
Retail Space: 3791 sqft
Permanent FT: 15
Permanent PT: 0
Planning Board Approval: 4/25/2017
IDA Approval: 9/27/2017
Constr. Start: 4/26/2018
Length: 18 months
Full Property Tax: $8,664,756
Owner Savings: $3,413,933
PILOT (yrs): 20
Mortgage Tax Exemption: $306333
Fair Share Mitigation: $128,586
Data Last Updated: 11/7/2018
*Data listed here is subject to change. FOIL/FOIA requests are pending to obtain any missing data. Some of these numbers are estimated. Data comes from city documents.
** GLOSSARY TERMS: "As Is" taxes are the taxes of the property before development. Full Property Taxes are the taxes of the property after development. PILOT means Payment in Lieu of Taxes, which is less than full property taxes. Owner savings is the property tax abatement in dollars and as a percent of Full Property Taxes. PILOT length is the number of years that the PILOT is in effect. Fair Share Mitigation (FSM) fees are monies collected by the City from the developer to cover future infrastructure needs. The school system gets approximately 2/3 of the FSM fees.
*** Residents are calculated as follows: Studios = 1, 1BR = 1.5, 2BR = 3, 3BR = 4.5 (NDC formula) Students are calculted as follows: Studios (*0), 1BR (*0.014), 2BR (*0.141), 3BR (*0.213) (NDC formula)
*Data updating and collection is done by volunteers and may contain the occasional error or miscalculation.