WHITE PLAINS, NY (2006-11-13) Who says the housing market is slowing down?
Not Louis Cappelli, Westchester's most active residential developer.

His two largest residential developments The Residences at The Ritz-Carlton, Westchester in White Plains and Trump Plaza in New Rochelle are experiencing phenomenally strong sales activity.

Westchester's tallest building -- the 44-story Residences at The Ritz-Carlton, Westchester -- is also the area's fastest-selling new condominium with more than $100 million in sales since the Sales Center officially opened October 3.

Our initial projections were based on a 12-month Phase 1 sellout which would have amounted to $25 million in sales for October. We have done four times that which is truly incredible, said Mr. Cappelli. We were confident that the Ritz-Carlton brand and the unique lifestyle that goes with it would strike a responsive chord with buyers, but what were experiencing is amazing.

To date, 35 percent of The Residences at The Ritz-Carlton, Westchester have been sold -- more than quadruple the number projected for the first month. What's also impressive is that we have been able to accomplish this without offering buyer incentives of any kind. In fact, we have had two price increases already, Mr. Cappelli said. Prices for the Residences at The Ritz-Carlton, Westchester currently range from $750,000 to over $6 million.

Located in the heart of downtown White Plains, The Residences at The Ritz-Carlton, Westchester includes 181 condominium residences and 32 Atelier furnished suites. The residences range in size from 1,200 to 5,200 square feet and offer spacious floor plans from 1-bedroom, 1.5 baths to 3-bedroom, 3.5 baths. Also planned are Penthouse and Sky Club levels. Owners at The Residences at The Ritz-Carlton, Westchester will have exclusive access to a wide array of The Ritz-Carlton's legendary five-star amenities and services including maid service, room service, concierge and luxury spa, to name a few. Owners will also benefit from The Ritz-Carlton privileges around the world.

People understand the Ritz-Carlton brand and want to live it. The entire lifestyle package that Ritz-Carlton offers is unique, Mr. Cappelli said. He noted that the majority of the initial buyers are empty nesters who are selling a home in Westchester. The Residences at The Ritz-Carlton, Westchester is also attracting young professionals who work in New York City. Until now, you would have had to live in a major urban center like Manhattan, Chicago or Montreal to be able to enjoy this style of living. Now, it's here in suburban New York and the buyers are responding.

The Residences at The Ritz-Carlton, Westchester is the first of two towers being built as part of the 940,000-square-foot Renaissance Square complex being developed by Mr. Cappelli. The towers rise from The Ritz-Carlton, Westchester, a 10-level hotel comprised of 123 rooms, a 10,000-square-foot luxury spa and fitness center,10,000 square feet of meeting and special event space and a two-story glass winter garden restaurant fronting on Main Street.
A second restaurant will be located on the 42nd floor of the tower.

Over the next couple of weeks we expect to finalize a deal that will bring a prominent Manhattan restaurant to the winter garden overlooking the plaza and fountains at Main Street and Mamaroneck Avenue, Mr. Cappelli said. This will be a well known, trendy restaurant that will bring a new level of sophistication to the downtown White Plains dining experience.

Not to be outdone by the strong sales activity in White Plains, Mr. Cappelli said his company, working in partnership with Donald Trump, has also been seeing very strong sales at Trump Plaza in downtown New Rochelle. He said the 40-story tower with its spectacular views of Long Island Sound has now passed the halfway point in sales. With eight contracts signed in the last two weeks alone, 87 residences in the luxury high-rise condominium tower have now been sold.

We projected being 30 percent sold at this point and we've already reached 50 percent. In six months our sales have passed $75 million. This is a tremendous achievement and makes a very positive statement about the value and viability of the rapidly emerging downtown New Rochelle market, Mr. Cappelli said.

Roughly half the buyers at Trump Plaza are from Manhattan and others are coming from Riverdale as well as neighboring towns such as Pelham, Larchmont and Scarsdale. Buyers are attracted by the combination of the Trump luxury lifestyle, the spectacular waterfront views and the convenient and quick access to Manhattan. Downtown New Rochelle has turned the corner and is being discovered as a great place to live, said Mr. Cappelli.

Trump Plaza offers a wide array of first-class amenities including an elegant marble lobby, indoor swimming pool and full-service health club, a business center, a rooftop garden and 24-hour valet parking and concierge services. Prices at Trump Plaza range from $500,000 to over $3 million. Trump Plaza is scheduled to be completed and open next September.

Observing the housing market in general, Mr. Cappelli concluded: There may be a slowdown in some locations around the country, but we are certainly not seeing it in White Plains and New Rochelle. The well-informed buyers know that interest rates are low and that now is actually a very good time to be buying a home.

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