Boymelgreen Besieged

oh hi there shaya. i must say you write much better than you speak. and your writing shows a wit and humor that i never noticed in our prior conversations. i guess toatmasters is working for you. otoh, i am quite disappointed that you’ve become so pessimistic about brooklyn real estate. was it really only two years ago that you were telling people it was a “can’t lose” proposition?

Re: 1:42 pm: Actually, in 1999, when Walentas converted the Clocktower at One Main, the stealing of electricity was the least of the problems. The roof leaked like a sieve, the facade leaked and was crumbling, the powerhouse in the back of the building was nearing collapse, the sidewalk vaults were deemed unstable, there were several instances where chunks of concrete beams fell, twice inside apartments, gas leaks from the restaurant below were common, and the elevators were beyond precarious. And while current residents may claim that all of it has been repaired, those in the know, know that it is not so. So, no, Walentas was no better and maybe as bad or worse than both Boymelgreen and Guttman. The major difference, is that Walentas was politically connected, if only through the many lobbyists he employs, two of whom live at One Main still. As far as his commercial buildings, Walentas was a horror show and, depending on who you talk to, he still is. The original owners of the 14th Floor penthouse at One Main, the owners of Bliss Spa, were constantly at odds with Walentas. Whether the problem was the water cascading down the walls of their “luxury loft,” or the myriad problems that confronted them at their commercial space that they rented from Two Tress, they quickly figured out the truth about Walentas. Regardless, this news re: Boymelgreen does beg the question, how will people like Walentas fair as the economy continues to tank. News like this is certainly detrimental to the condo market at large, and calls into serious question the VALUE (see antidope comment @ 1:55) of all properties, especially in Dumbo. Recent sales in Dumbo show that the average price in Dumbo is fast plummeting below $700/ft. Several recent sales are in the $600/ft range, prompting some sellers to remove their apts from the market in the hope that the economy will bounce back. I think prices in Dumbo (at Walentas buildings) are heading below $600/ft, particularly if the economy continues on its current course.

all new construction is not created equal. as benson said, they bid out everything, which theoretically sounds like a good practice, however, anyone who’s ever been involved in even the smallest of construction jobs in nyc knows that there is more to evaluate than simply lining up the offers and choosing the cheapest dude. and that is what these guys did. to my knowledge, they never hired a skilled craftsman or union worker. (they did have the odd experienced (and frustrated) foreman occasionally *manage* projects, but just as often a son or son-in-law was in charge.) not bc they were anti-union, but because the price tag on these guys was higher than on the hourly day laborers the winning subs used. end result i would argue is worse than average new construction issues.

antidope – I am not familiar with Newswalks issues or assessments but I agree 30K (if due to conversion related problems) is not teething. But Newswalk was not in anyway “new construction” (it was a conversion), and it has been opened for about a decade (so can the problems all be related to Boylemgreen’s work?) and I think that kind of assessment is an exception anyway. Again, not saying the guys construction was in any way wonderful, just saying that from what I have seen and heard it is more or less consistent with most new construction. (although his aftercare was totally mismanaged, and resulted in far more problems for him then other more competent developers)