Riverside Arcade In the News

An article in today's Riverside/Brookfield Landmark highlights the efforts of three Riverside village commissions to get the Riverside Arcade building classified by the National Trust for Historic Preservation as one of America's Most Endangered Historic Places.

The effort, supported by the Village of Riverside Preservation Commission, Historical Commission, and Economic Development Commission, aims to help safeguard the structure and facilitate its sale and redevelopment.

Here is an excerpt from the article, written by editor Bob Uphues:

The Arcade Building, constructed in 1871 as part of Riverside's original plan, has been virtually vacant for over a year. While the building's owners planned to renovate the three-story building and completed many improvements to the top two floors, the first floor remains gutted.

In August, work on the building halted completely after the federal government filed a civil lawsuit against two principals of Wextrust Capital LLC, which owns the building. Steven Byers and Joseph Shereshevsky have been accused of defrauding investors of millions of dollars related to real estate and securities offerings.

All of the company's assets were frozen by the court, which has appointed a receiver to manage those assets.

On Nov. 10, both Byers and Shereshevsky were criminally indicted in New York district court for their roles in what has been described as an elaborate Ponzi scheme, where money raised for one purpose was used for other purposes.

Recently, a source familiar with the case said that the receiver will recommend putting up for sale the Arcade Building and other properties owned by Wextrust. However, many in Riverside fear that the building, which remains unsecured and open to the elements, will suffer irreparable damage unless it is readied for winter weather.

In its application to the National Trust, the Preservation Commission states that "the Arcade sits with plywood covering most, but not all, openings. ... Water in the plumbing and sprinkling systems poses a major structural threat, as the unheated pipes will freeze and burst this winter."

If the building is chosen as an endangered historic landmark by the National Trust, that partnership "should compel the receiver's cooperation without formal legal intervention. Ideally, the Arcade will be secured and heated until a reputable, preservation-minded purchaser is identified."