Moving Day for Boymelgreen
Crain’s reported last week that beleaguered developer Shaya Boymelgreen was set to get evicted from his Pacific Street headquarters by today, so it was no surprise that a tipster happened to see him parked in his SUV in the parking lot of 752 Pacific Street along with a couple of moving trucks. As you may…
Crain’s reported last week that beleaguered developer Shaya Boymelgreen was set to get evicted from his Pacific Street headquarters by today, so it was no surprise that a tipster happened to see him parked in his SUV in the parking lot of 752 Pacific Street along with a couple of moving trucks. As you may recall, Boymelgreen had illegally agreed to sublet the building to Forest City Ratner as part of the Atlantic Yards development. Since a judge ruled in the landlord’s favor last spring, Boymelgreen has not been paying rent on the space. The eviction is only one of many problems facing the developer. He has myriad lawsuits and financial problems involving failed real estate projects and a bank he founded four years ago.
“Sometimes, I see something in my head that I think will be beautiful. But at the end of the day, it doesn’t come out like I want, because of the zoning, because of the architect, because of the finishing. You’re not 100 percent in control. … Sometimes I see something that’s finished, and I can’t quite change it.”
— Boymelgreen 2007
Two q’s:
1) umm, does anyone bear more responsibility for the final product than the guy cutting the checks?
2) is he talking about a building or his career?
“This picture might serve as the final scene of the great Brooklyn real estate bubble and crash of the 00’s.”
I’d say the opening scene.
***Bid half off peak comps***
What I don’t understand is how this impacts the bigger picture? Is that wonderful building supposed to be ripped down? Is it going to be grabbed through eminent domain or is the owner simply selling it to FCR?
I used to pass that spot constantly walking back and forth to Park Slope from Fort Greene. I wrote and said from the outset that the taking of the Carlton Bridge and the promise of closure for just 2 years was so much malarky. Now it “turns out” the bridge (that was) may not be replaced for years, and years, and years. Such a “surprise”.
This picture might serve as the final scene of the great Brooklyn real estate bubble and crash of the 00’s.
One day you’re a small-time developer, with a good nose for up-and-coming locations on the fringe of Park Slope and Prospect Heights.
Your early projects are a hit!..you’re in the news!….profiles in the New York Times!….appearances on the Michael Stoler show. You’re the man!!!
Alas, at the end, you’re driving your SUV alone,escorting the two trucks that are carting away what remains of your crumbled empire.
Every real estate cycle has this type of character. They’ll be back again, under a new name.
> what no chauffeur?
Indeed. Too bad it’s not a Zipcar.
Suicide watch.
***Bid half off peak comps***
justice arrives slowly but inevitably.
what no chauffeur?