Twin Oaks Site is Being Sold for $2 Million

The buyer is owned by a local family, according to a letter to bondholders.

Patch File Photo: The entrance to Twin Oaks Swim and Tennis Club in Chappaqua.
Patch File Photo: The entrance to Twin Oaks Swim and Tennis Club in Chappaqua.
The site of the Twin Oaks Swim and Tennis Club in Chappaqua is being sold, according to a recent letter from its board of directors that is addressed to bondholders.

The letter - a copy was given to Patch - is dated Nov. 20 and is accompanied with a notice that includes information about the sale. The information states the purchasing price is $2 million and the buyer is called 54 Kids LLC. The purchase price is the same as the asking price that was published when the property was listed for sale.

There is no indication given on when the transaction is slated to close.

The board of directors gave its approval on Nov. 17, according to the document.

The letter states, "The Board ran a highly competitive sales process to get the highest possible price.  In addition we were able to attract a buyer who has community goals at heart."

Some details are given about who owns the purchasing company. The buyer is described in the letter as "an entity owned by a family in our community who is endeavoring to use the Property for community purposes."

The letter also notes, under a section about sales proceeds, that bondholders are expected to have their bonds paid in full. This is expected to be done by mail within 45 days of the closing and by check, according to the letter. Remaining proceeds would then be given "to local charitable causes focused on recreation."

Jeffrey Gugick, a director whose name is on the sale notice document, was asked this week about a sale but did not want to comment.

The site is located at 348 Whippoorwill Road in Chappaqua and is about 34.83 acres, according to New Castle town data. In July, the town board indicated its interest in a town purchase of the site. At the time, the club owed more than $100,000 in backed property taxes. The interest was based on having recreational use on the property.

Twin Oaks did not open its pool this summer, the town confirmed. However, the club announced a partnership for its tennis aspect with Gotham Tennis Academy, which took over management.

The town has not received notification of a sale, according to New Castle Town Administrator Penny Paderewski. She did not respond to a follow up email regarding when negotiation between the town and Twin Oaks was last active.

When informed about the news, incoming New Castle Supervisor Rob Greenstein, who noted he did not have enough information, stated, "My only hope is that the new owner of the property will consider a use that benefits the community."


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