Boymelgreen To Take a Breather
You know that huge backlog of condos coming on to the Brooklyn market? Well, one of the men most responsible (he’s built 1,500 apartments in the last 13 years) has decided to cool his heels while the market tries to absorb the supply. In an interview with the Brooklyn Paper, Shaya Boymelgreen, builder of the…
You know that huge backlog of condos coming on to the Brooklyn market? Well, one of the men most responsible (he’s built 1,500 apartments in the last 13 years) has decided to cool his heels while the market tries to absorb the supply. In an interview with the Brooklyn Paper, Shaya Boymelgreen, builder of the Beacon Tower and The Smith, among many others, explained his strategy:
We are more finishing and continuing [our current projects]. The high fever of condominiums and real estate is slowing down. [But] when [my] properties [are] absorbed and sold, I’m coming in again.
Also, Shaya on Fourth Avenue becoming the next Park Avenue and why he supports the Atlantic Yards project. And, as for why his buildings are the most beautiful on the block?
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…Sometimes I see something that’s finished, and it’s not quite right, and I can’t quite change it…I would like to build the most beautiful building and the best lifestyle for people, but I’m just a businessman and I have the tools that limit what I can do.
Boymelgreen: No New Brooklyn Projects — For Now [Brooklyn Paper]
Boymelgreen: The Brooklyn Paper Interview [Brooklyn Paper]
Oy gevalt. No more shaya oy vey!! Ding dong the vickit vitch is deat!
I dont “hate” Boymelgreen or love Ratner – I just call it as I see it (I am sure you’ll disagree):
Boymelgreen is a product of an incredible bull market in RE. He went from a very small time operation to way too big in just a couple of years (see NY Times profile piece) and was saved from his ineptitude by ever rising housing prices and a big $ foreign backer. Now that prices are increasing at a slower pace, he cant financially sustain his incompetance and delay.
I have nothing personally against the guy (although I feel bad for owners who got crappy condos and I am upset that the Empire Warehouses are still just a relic) – I just can see the writing on the wall, and all that points to bankrupcy for Boylemegreen.
As for Ratner, I dont praise ‘him’ – I am simply in favor of Atlantic Yards with (enviromentally proper) high density at a huge mass transit hub and I look forward to walking to Net games.
I think the Atlantic Center is horribly ugly and wish it would be torn down, although I have no major issue (except for not retaining the full street wall) with Atlantic Terminal and the BONY building. I also recongnize that the stores at AT are wildly successful which means that in many ways it is ‘serving the community’.
I dont really like Frank Gehrey designs so you probably wont hear me praising the look of many of the proposed buildings at AY (although I do like his IAC building on the Westside so you never know). I think Ratner’s NY Times building looks like a prison; and finally I recongnize that Metrotech & 1 Pierrepont Plaza have been great for Brooklyn even if in today’s Brooklyn I can wish that it wasnt designed so much as a contained ‘campus’.
David, I don’t understand how you can despise Boymelgreen but have nothin but praise for Ratner.
Santa!
Overbuilding puts more units on the market than buyers can absorb unless — prices drop.
Thus, Boymelgreen should build at whirlwind speed and provide new housing for an increasing number of un-subsidized buyers, who will, in a few short years, buy more housing and push prices up.
The long-term trend of housing prices in NYC — Brooklyn — is up, but the market will experience occasional dips along the way.
I am Queens Boulevard!
Fourth Avenue the new Park Avenue???? Give me a break. At best, it’s the new Queens Boulevard.
PLEASE STOP NOW BOYMELGREEN!!!
wow. i had no idea people thought his buildings were “beautiful.”
i guess we must assume those through-wall p-tac units will glisten like diamonds.
and the architectural concrete block of the smith really is a contextual nod to the spectacular detention center west of smith street.
you’re right, he’s building some real beauties. and being selfless in the process by selling them for only $900 per sf.