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In 2019, Vasco Ventures was under contract to purchase the property for $40M, but the deal fell through before closing. In 2020, when the property officially shut down operations, the Town stepped in to work with struggling HNA to find a buyer, creating a Request for an Expression of Interest (RFEI) process that December. By January 2021, HNA officially declared bankruptcy. The final contenders in the RFEI were financier Billy Procida, architect Rick Cook and REVEIL, whose hotel and content creation proposal was selected by the Town. REVEIL spent months raising money and tried unsuccessfully to close with bankrupt HNA.

The fall of 2023 brought further complications. In Manhattan, HNA lost an arbitration with SL Green (a Real Estate Investment Trust– REIT) for the office tower at 245 Park Avenue with the outcome of HNA owing them $185 million. As part of the settlement, SL Green was “given” the Palisades property. With HNA out, REVEIL was now purchasing the property from SL Green. Delayed closings due to raising capital to purchase, SL Green was desperate to unload the Palisades property.

creation workspaces, event space, restaurants and residential units. The property is not zoned for residential use, so any and all residential approvals must go before the Town and the PRC must appear before all the building department boards for all phases of construction. These are all public meetings

In June, acting under the wire, REVEIL requested an emergency Town board meeting to update a Memorandum of Agreement (MOU), which was necessary to close. But the shocking surprise was that REVEIL was now proposing over 342 residential housing units, a far cry from their original 30–40 townhouses exclusive for hotel use only. The purpose of the MOU was for the Town to accept that there was a change to the original plan, but NOT to accept the plan. At this meeting, residents supported Clearly some amount of residential development will be required. Careful planning is critical. We have sent them examples of thoughtful developments, like Serenbe outside of Atlanta, Georgia as a model. We will be watching very closely and keep the community informed of any plans as PRC progresses and any meetings that will need community support. We look forward to working together with PRC and the Town to get the gem that is a win–win for all.

the MOU, but were clear to the Board and to REVEIL, that they did not accept the new high–density proposal. The Town board also resolved five years of HNA’s unpaid taxes (close to $9 million). In exchange for the tax settlement, the Town set three contingencies on REVEIL: They can’t sell the property to a nonprofit for two and a half years, when and if they do sell, the Town of Orangetown has a right of first refusal for five years and the hotel needs to be worked on first before any residential zone changes are introduced. Since the purchase, REVEIL LLC is now operating as the Palisades Renewal Center LLC (PRC LLC). Joseph Santullo, owner of Systems 2000 Plumbing in New York City, and Pegah Ebrahimi, Co–Founder and Managing Partner at FPV Ventures have joined on as major investors/ partners with Mark Kitching and Jerome Pelayo. In a meeting with a few community members and at the Town board meeting, PRC stated they are interested and will actively work with the community as they develop their plans, which at this point involve a high–end hotel and spa, content IBM/HNA Property Sold Avenue with the outcome of HNA owing them $185 million. As part of the settlement, SL Green was “given” the Palisades property. With HNA out, REVEIL was now purchasing the property from SL Green. Delayed closings due to raising capital to purchase, SL Green was desperate to unload the Palisades property. IBM/HNA 9W Entrance creation workspaces, event space, restaurants and residential units. The property is not zoned for residential use, so any and all residential approvals must go before the Town and the PRC must appear before all the building department boards for all phases of construction. These are all public meetings In June, acting under the wire, REVEIL requested an emergency Town board meeting to update a Memorandum of Agreement (MOU), which was necessary to close. But the shocking surprise was that REVEIL was now proposing over 342 residential housing units, a far cry from their original 30–40 townhouses exclusive for hotel use only. The purpose of the MOU was for the Town to accept that there was a change to the original plan, but NOT to accept the plan. At this meeting, residents supported Clearly some amount of residential development will be required. Careful planning is critical. We have sent them examples of thoughtful developments, like Serenbe outside of Atlanta, Georgia as a model. We will be watching very closely and keep the community informed of any plans as PRC progresses and any meetings that will need community support. We look forward to working together with PRC and the Town to get the gem that is a win–win for all.