Who's building, selling, buying, and who's profiting from our favorite contact sport: real estate
May 20, 2010
Where—and How—Is Louis Cappelli These Days?
Louis Cappelli, mastermind of cities like White Plains and New Rochelle, and his wife, Kylie, are alive and well and living in a 5,000-square-foot condo at the Ritz Carlton in Westchester’s burgeoning city, I’m told. But there’s been a lot of Sturm und Drang since the golden days of the economy several years back, when they were once also living in a $24 million Park Avenue condo.
There was a time when Cappelli could wave a wand and skyscrapers sprang from the ground. But the economy went south, such grandiose plans got shelved, and, among other things, Cappelli became the object of a $163 million lawsuit from a business partner. Entertainment Properties Trust said Cappelli owes $133.1 million for a planned resort and casino in Sullivan County, and $30 million for loans related to
New Roc City and LeCount Square in New Rochelle and City Center in White Plains.
Meanwhile, Louis and Kylie decided it would be prudent to sell their New York City digs, and move into a custom-decorated-by-Kylie penthouse in White Plains. She’s quite the designer, judging from the model units she did at the two Trump high-rise buildings in better days, when The Donald and Louis were seriously into competing about big buildings: the bigger the better. It was kind of an adolescent obsession with them.
But all that pales in light of Cappelli’s recent close brush with death: a double aneurysm. I hear he’s fully recovered physically and waiting to make a comeback. I’’ll keep you posted.