RKO Properties, Ltd. v Shaya Boymelgreen Annotate this Case RKO Props., Ltd. v Boymelgreen NY Slip Op [31 AD3d ] July 18, Appellate Division, Second Department Published by New York State Law Reporting Bureau pursuant to Judiciary Law § Dec 02, · Shaya Boymelgreen, who has developed thousands of apartments and condos in New York and other cities and countries, has experienced a reversal of fortune. He is battling a bankruptcy Author: Christine Haughney. History. © Shaya Boymelgreen. Website Design by Driven Local by Driven Local.
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Daily Round-up of top news and topics for each of the following cities: New York. Los Angeles. South Florida. New York. At many of his projects, he was teamed up with fellow Israeli Lev Leviev, a billionaire diamond magnate who helped turn Boymelgreen from an upstart developer into a household name in the New York real estate industry.
And in , the partners had a nasty fallout. The next appearance in the ongoing suit is scheduled for May, according to court records. And despite a announcement from Shaya that he was getting back into real estate with a focus on Manhattan, his firm, Boymelgreen Developers, does not appear to have any plans for new buildings in the works. An email to Boymelgreen Developers seeking comment bounced back.
Sam is the third of eight children reared in an observant Jewish family in Crown Heights, Brooklyn. He left school at age 14, and moved to Israel to study on his own. He later got his GED, but never expected to work in real estate. At 21, he went to a construction site for the first time, for a rental building Boymelgreen Developers was putting up in the East Village. Both 20 Pine and Downtown by Starck were later hit with suits over construction problems.
Sam, however, takes a different tack. Slight and thoughtful, he is guarded and careful with his comments. Developer Jacob Frydman of United Realty Partners is considering working with Sam on a hotel project but declined to provide details, citing a confidentiality agreement.
Meanwhile, Sam quietly embarked on a development in Windsor Terrace starting in named the Kestrel. The unit rental project, at 33 Caton Place, will hit the leasing market in April, with Halstead Property as the exclusive marketer for the building. Another executive, who also asked not to be named, said the project did not hold up well during the recent winter storms, noting that snow leaked in and damaged the apartments because proper precautions were not in place to protect it.
Sam denied that allegation. Many New York City real estate dynasties have seen second chances, especially after the recent recession, sources said. Sam also recently made decisive bets on the trendy Clinton Hill area, where he is redeveloping a house for himself, his wife and three kids in addition to a unit condominium at the corner of Washington Avenue and Fulton Street.
Sam said part of the reason he started his own firm was to focus solely on Brooklyn. He says he often sees the sun rise after pulling an all-nighter working on projects. He said his office is in Manhattan because most people he works with are based there.
The developer has also ventured into less-profitable projects. He put some money up when he assembled a coalition of investors to develop a progressive Jewish private school in Prospect Heights, back in Boymelgreen has never earned a penny from the Luria Academy, he said.
His only reward was having a school to send his three kids to. What remains to be seen is whether Sam can make his own name and distinguish himself from his father.
The unit building is rising at the corner of Washington and Fulton avenues, in Brooklyn. The Real Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.