WESTCHESTER NEWS CENTER >>> PLEASANTVILLE: Westchester County Seeks To Get Back $2.6 Million For Abandoned Affordable Housing Project - By Brian Harrod.

 

CLEANING UP THE MESS: Westchester is demanding $2.6 million from the developer, Migi Asset Acquisition LLC, Long Island City, in a complaint filed last month in Westchester Supreme Court.... PLEASANTVILLE (WESTCHESTER COUNTY) NY: In 2016 the county executive Rob Astorino signed off on a $2.8 million deal to subsidize construction of 14 apartments in Pleasantville. Westchester County paid $1.8 million for a vacant structure at 98 Washington Avenue near the center of the Pleasantville business district, and then sold it to Migi for $1. The county also agreed to pay Migi $993,000 to partially cover the costs of gutting the structure and building 14 rental apartments. The apartments were never completed. SUSPICIOUS DEALINGS: The deal was even more lucrative to Migi than the county’s lawsuit lets on. The complaint does not say from whom the county bought the property. According to property records, it was Migi. Hudson City Savings Bank had bought the property for $1,425,000 in a 2013 foreclosure sale. Migi bought it from the bank a year and a half later for $1,150,000. So when Westchester bought the property from Migi for $1.8 million, and sold it back to Migi for $1 on the same day, the company realized a 57% profit of $649,999. The county’s lawsuit also does not explain how Migi was selected for the project..... Read more » https://westchester.town.news/g/white-plains-ny/n/83188/pleasantville-westchester-county-seeks-get-back-26-million-abandoned