YORKTOWN, N.Y. – Last month, a Cold Spring-based developer shelled out $1.8 million to purchase and lease two of the four parcels involved with the redevelopment of the Murphy’s Restaurant property.

The plan, which includes the construction of a three-story, 40,000-square-foot building in place of Murphy’s Restaurant, involves the use four neighboring parcels totaling 3.13 acres: Murphy’s Restaurant (355 Kear St.), Coldwell Banker (366 Underhill Ave.), the Grace Building (360 Underhill Ave.) and vacant Kear Street land.

A company called Underhill Management Realty LLC purchased the Coldwell Banker property, which was owned by Markatos Family Limited Partnership, for $1.075 million, according to a deed agreement filed with the Westchester County Clerk’s Office. The New York State Division of Corporations lists Paul Giuliaro as the contact for Underhill Management Realty. Giuliaro is the owner of Unicorn Contracting Corp., which filed the redevelopment plans with the Yorktown Planning Department.

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Underhill Management Realty also leased the Grace Building property, owned by Town Supervisor Michael Grace, for $725,000, according to an agreement filed with the clerk’s office. The lease expires in May 2116. Grace declined to go into detail about the agreement, but told Yorktown News that his building will not be demolished.

“The bottom line is my building’s staying put,” Grace said.

Though the Grace Building would remain intact, the mixed-use building would be constructed predominantly on his property. To accommodate the new building, the barn on the rear of Grace’s property would be demolished.

The Murphy’s Restaurant property and the vacant Kear Street property are both owned by the Murphy family. Another agreement filed with the clerk’s office grants the Murphy family an easement onto the Grace Building property.

According to plans, the Coldwell Banker building and a salon on the Coldwell Banker property would also remain standing. A continuous parking lot would be created around the buildings and would be accessible from Underhill Avenue and Kear Street.

There would also be a network of sidewalks inside the development that would connect to existing sidewalks along Route 118 and Underhill Avenue. The sidewalks would also connect to the other nearby Kear Street businesses and to the Yorktown Green Shopping Center.