Property Previously Promised To Mount Vernon Music School Goes To Another Developer For 4 Times The Price
MOUNT VERNON, N.Y. (CBSNewYork)-- A growing crescendo of development has left a music school priced out of a new place to call home after a sharp rise in property values caused their plans to fall flat.
The crumbling brick building on North High Avenue doesn't seem like the object of anyone's desire, but to everyone's shock the Mount Vernon property sold Wednesday at a public auction following a bidding war, CBS2's Lou Young reported.
"That property's been vacant for at least 20 years," developer Patrick Thompson said. "I didn't expect it to go that high, but it was definitely worth it."
Thompson bought the derelict property for more than four times it's previous estimated value, outbidding another developer and the nonprofit Mount Vernon School of Music, who was previously promised the place for $65,000.
The school director was stunned to see it go for $310,000.
"Mount Vernon is changing, absolutely. I feel like somebody just said, 'We don't care about our children, we don't care about education, we just care about money," school director Maureen Wilson told CBS2.
It's all about development pressure in the suburban communities of Westchester along the Metro North lines.
Mount Vernon already has a high-res development plan and a recent rezoning near the train stations has changed the development game.
"I think the rezoning has a lot to do with it. I ask you, have you ever seen this room this crowded?" Thompson said.
Seventeen abandoned preoperties sold for roughly $2.5 million on Wednesdsay.
The mayor promised to find the music school a property it can afford, even as he crowed about the developer interest in his city.
"I'm excited there's a lot of interest in Mount Vernon," Mayor Richard Thomas said.
Residents are seeing more and more developer plans near train lines in Yonkers, New Rochelle, Port Chester and White Plains, but Mount Vernon is uniquely situated just north of the Bronx with two Metro North lines running through it.
People in the area hope the city welcomes its new residents without forgetting about those who already live there.
