WPCNR Mamaroneck Avenue Ambler. From JPI. August 12, 2004: JPI of Irving, Texas, builders of The Jefferson at 300 Mamaroneck Avenue have released a statement explaining the concept of their planned condominum market test for The Jefferson and denied further comment on exactly how news of the condominum conversion concept was released to the media before the White Plains Common Council was informed of the plan.

WPCNR contacted Paul Crisalli's office at JPI Thursday afternoon to clarify exactly when Mr. Crisalli spoke with media on the condominium conversion plan and revealed it to the press, as Paul Wood of the Mayor's Office said he did, so as to absolve city hall of the charge by a member of the JPI inner management team  that city hall leaked the condominium plan in advance.

Late Thursday afternoon, WPCNR was contacted by a JPI spokesman saying the company would have no further comment on this matter. However they did release a statement on their condominum plan explaining how it will be approached.  Here is the text of that statement, unexpurgated, unedited:

The Residences at Jefferson Place, 300 Mamaroneck Avenue, White Plains, NY, has received approval from the New York State Attorney General’s office to solicit interest in the project as a condominium.  The approval granted pursuant to the Cooperative Policy Statement No. 1, issued by the New York State Attorney General’s Office, File No:  CP04-0090, is not an offering.  No offering can be made until an offering plan is filed with the Office of the Attorney General of the State of New York.

Specifically the application approved by the Attorney General’s office, commonly referred to as an “Application To Test The Market”, permits the developer to solicit indications of interest in the project for occupancy as a condominium.

Bronxville based Houlihan/Lawrence Real Estate, along with New York City’s Halstead Properties, have been retained to work on behalf of the property’s developer to solicit interest in the property as a condominium during the Test of the Market.  A modest advertising campaign is planned for the end of August, with a more aggressive campaign to follow in the months of September and October.  The Houlihan/Lawrence-Halstead team will provide estimated pricing at the time the marketing campaign kicks-off.

The project’s construction timetable continues to move ahead unabated by these efforts, and until the Houlihan/Lawrence-Halstead team has had an opportunity to “Test The Market”, the project’s intended use will remain that of a luxury rental property.

In order to provide for the possibility that property will be occupied as a condominium, the developer will likely make certain changes to interior finishes within the apartments.  These changes include an upgrade to granite countertops, ceramic kitchen floor tiling, upgraded appliances, and wood flooring in the living room, dining area, and foyers.  No changes which would alter the current unit mix, and / or size of individual apartments is contemplated.