Playhouse Site's New Owner Sues Predecessor

Claiming that the old owner of the Bedford Playhouse site breached the purchase contract by misrepresenting a rent roll, the property’s new owner is suing for damages.

The plaintiff, Alchemy Acquisitions, LLC, submitted its complaint on July 2 to the state Supreme Court in White Plains. The suit argues that Phoenix Bedford, LLC claimed that the property’s superintendent paid $1,500 in monthly rent. However, the complaint claims, Phoenix would refund the amount each time, which Alchemy states it did not know about until after the deal closed on June 7. As a result, the suit argues, the rent roll is $18,000 less than what was represented, and that the property’s value has dropped by $350,000.

Pheonix’s alleged action represents a breach of the May 13 deal signed for the purchase, Alchemy contends, and is seeking at least $350,000 in damages as well as interest.

Alchemy purchased the site, which is 3.14 acres and located at 633-647 Old Post Road in Bedford Village, for an undisclosed price less than two years after Phoenix acquired it. The previous transaction occurred in September 2011, according to Bedford’s town records, when Phoenix bought the site for $5,470,000 from a trio of owners: AMG LLC, 701 West 177th St. LLC and GHP Bedford LLC. Records from the town also list the site as having a market value of $2,870,079, along with an assessed value of $328,050.

Kenneth Horn, founder of Alchemy’s affiliated company, Alchemy Properties Inc, declined to comment, as did the company’s attorney. Attempts to reach the principals behind Phoenix’s apparently related company, Phoenix Capital Partners, LLC, were unsuccessful.

Both companies carrying the Phoenix name share the same address in Harrison.

Just days after Phoenix Bedford purchase the site, the company, along with Phoenix Capital Principal Frank Boccanfuso and Phoenix Capital Partners, were sued by nearby property owner Allan Gordon, who claimed that a unilateral shutting off of water supplied to his adjacent site on Court Street violated an easement. Phoenix’s attorney denied Gordon’s assertion that there was an easement, arguing that there was no legal requirement to supply the water. The case was dropped in April 2012 after consent from both sides was given to do so.