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Fortunoff Gets Preliminary OK for $70 Mil in Bonds

WHITE PLAINS-The Westchester County Industrial Development Agency voted unanimously to approve $70 million in preliminary bond financing to an affiliate of the Fortunoff chain for a new store at the current Saks Fifth Avenue site here.

By John Jordan | Updated on August 07, 2001

WHITE PLAINS-Fortwest LLC, an affiliate of the Fortunoff retail chain, was granted preliminary bond financing inducement for $70 million from the Westchester County Industrial Development Agency for its proposal to build a new store at the current Saks Fifth Avenue store location at 100 Bloomingdale Road.

Joseph Carlucci, an attorney who represents Fortwest, says that Fortunoff has a tentative agreement to purchase the Saks site and is seeking $70 million in bond financing as well as real estate-, sales- and mortgage-tax exemptions from the agency. In late July, Saks announced that it will close its underperforming White Plains store after this year’s December holiday season. The same day, the Birmingham-Alabama-based retailer reported it had struck a deal to sell its White Plains store site to Fortunoff.

Carlucci, a partner with the law firm Cuddy & Feder & Worby LLP, tells IDA members that once the Saks store is closed, Fortunoff plans to demolish the existing 128,000-sf store and its parking garage to make way for a larger store that would total up to 200,000 sf as well as a new parking structure.

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