Business Briefs

ENT expands in New Jersey
By JOHN GOLDEN

Officials at ENT and Allergy Associates L.L.P. in Tarrytown recently announced the specialty medical group’s merger with North Jersey Ear, Nose, Throat & Hearing Center. With the merger, the Tarrytown company will open a 5,000-square-foot medical office in Parsippany, N.J. The practice is scheduled to open March 15, 2008.

With its latest expansion, ENT and Allergy Associates has 81 physicians in 25 offices.

---

Willet buys stake in Conn. retail center
By ALEXANDER SOULE

For $92.5 million, Willett Cos. has purchased a 75 percent stake in Milford (Conn.) Crossing Shopping Center, along with Ireland-based Parker Green, which has an office in New York City.

Rye-based Willett owns eight other properties in Fairfield County, Conn.

Original developer Milford Crossing L.L.C. retains a 25 percent ownership interest in the 380,000-square foot center, whose tenants include Wal-Mart Stores Inc., Staples Inc., Circuit City and Barnes & Noble.

---

Starwood sells two resorts
By BRYAN F. YURCAN

Tuscon, Ariz.-based TransWest Properties Inc. has added 899 rooms to its portfolio with the acquisition of the 487-room Westin La Paloma Resort and Spa and the 412-room Westin Hilton Head Island Resort and Spa from Starwood Hotels and Resorts.

The buyer acquired the 21-year-old La Paloma and the 22-year-old Hilton Head from $230 million in financing. The financing included a 10-year mezzanine loan, which carried a sub-7 percent interest rate. Starwood is headquartered in White Plains.

---

MBIA to get $1B reserves infusion
By BRYAN F. YURCAN

Purchase-based bond insurer MBIA announced last week it will receive a $1 billion cash injection from private equity firm Warburg Pincus to boost reserves.

Warburg Pincus will make an initial investment of $500 million by acquiring 16.1 million shares of MBIA common stock at a price of $31.00 per share, a 3 percent premium to the $30.00 per share closing price on Dec. 7, according to Forbes.

Warburg Pincus will then backstop a shareholder rights offering of up to $500 million during the first quarter of 2008. The private equity firm will also receive warrants to purchase an additional 16.1 million shares at $40 per share over the next seven years.

---

Pepsi dips into Israeli snacks
By BRYAN F. YURCAN

PepsiCo Inc. said last week it had formed a joint venture with Israeli food maker Strauss Group to operate Strauss’ Sabra business in the United States and Canada.

The pairing will produce and sell Sabra’s dips and spreads in the United States and Canada, with Purchase-based PepsiCo’s Frito-Lay North America unit and Strauss each holding a 50 percent stake in the business, according to Reuters.

Sabra’s products include hummus, eggplant dips, babaganoush spreads and Mediterranean salsa.

---

Broker consolidates Century 21 offices

Robert Mancuso, principal broker at Century 21 Mancuso, has closed his Yonkers office to consolidate operations at the residential real estate firm’s Bronxville office at 495 New Rochelle Road. The merger will centralize the company’s roster of nearly 60 agents in southern Westchester, he said.

“There were opportunities for us to centralize our business operations and systems into one location without interrupting or reducing the service that we promise our clients and our agents,” Mancuso said. “Technology has helped to steward a dynamic shift in our business from one of bricks and mortar to one that leverages the full range of Internet technology tools.

“Having all of our agents operating under one roof will also encourage more sharing of ideas and best practices among our team.”

The former Yonkers Avenue office was opened in 2002 by the broker’s late wife, Sally Mancuso, who owned and operated the Century 21 Mancuso office in Bronxville since 1997. Her husband took over as principal broker in September 2006 after her death.

 

	Reader Comments     Please add your Comments
	Westchester TalkBack Name: Email Address: Add your Question or Comment: Issue important to you:   create form