WHITE PLAINS, N.Y. -- Federal bankruptcy Judge Robert Drain gave his approval on Thursday of pharmacy chain CVS' purchase of a Yonkers A&P store.
The transaction is structured that CVS' purchase is in form of taking over the bankruptcy grocer's lease. The purchased is for $4.575 million.
The pending sale has been controversial among Yonkers residents who fear losing their neighborhood's grocery store, court filings show.
Mark Constantine, an attorney for City Council President Liam McLaughlin, told the judge that a petition with more than 1,000 signatures expressing concern about the deal was gathered.
However, an agreement is in place for CVS to devote a portion of the space to a Key Food operator, it was noted at the hearing.
The proposed addition was not enough to assuage Constantine, who told Drain that the concern pertains to what proportion of the overall space would be utilized.
Drain, who said he appreciated the concerns from the community, rebuffed Constantine's lingering concern, calling it "overblown." The judge noted that the federal bankruptcy code does not give him the authority to determine specific amounts of uses within stores.
However, Drain hailed the arrangement, calling it a "win-win" for both A&P's estate and for the community.
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