So much for the mythical Boymelgreen Roadblock. Anyone who actually believed Shaya Boymelgreen earnestly intended to build a hotel near Pacific and Vanderbilt should read today’s New York Times (thanks sje for the tip): Developer Bruce Ratner is going to buy those two buildings (800 Pacific Street and 546 Vanderbilt Avenue) in the footprint of the Atlantic Yards project. Rival developer Boymelgreen had bought the buildings in August–August–and had “vowed to block” Ratner’s plans for the Atlantic Yards project, according to NYT.
So, let’s recap: Boymelgreen bought the property in August 2004, for $20 million, for no other reason than he thought it might be a nice place for a hotel. Eight months later, Ratner’s Forest City Ratner Companies agrees buy the buildings and pay $44 million to Boymelgreen’s development company. So, a difference of $22 million in 8 months, or a selling price 120% higher than the buying price.
BOYMELGREEN, the team player: “I’m not the one to block a big project that everybody wants to see going on.”
As Jack Krohn infamously remarked, “it’s a pretty rare occasion that a man as rich as Ratner does not get his way.” This latest “win-win” transaction shows that when two rich men square off, nobody actually has to lose. It’s a great day to be a multi-millionaire in New York!
may i curse here? FCK Shaya Boymelgreen. Move into the hood, builds Newswalk, pretends to care about the community by proposing to renovate Dean St. playground (when he is basically just repainting it and doing it because if he doesn’t he’ll probably get sued) then lies to members of the community by telling them he’s building a hotel and that he really doesn’t want to sell to Mr. Ratnerville, then does sell-more than doubling his purchase-price, then, with all liklihood will funnel that money into overdeveloping Gowanus or worse funnel it into breaking the backs of African diamond miners and will never put 1 cent of it back into the community.
It is so galling that a so-called religious man, a so-called orthodox man could treat the neighborhood that made him rich with such disdain. Don’t get me wrong, Shaya has every right to sell his property if he wants to, but he has no right to lie to the community (even if we never really believed him) and he has no right to call himself a religious or moral person. Profitting off the community and then selling it out because he’s scared of the Mayor or Governor is pathetic. The guy and his partner, who rapes Africa of its diamond wealth off the backs of Africans, could do wonderful things with some of their money, instead they build luxury condos everywhere they go, fend off the community by throwing a few bones here and there, and then says utter BS like this:
“”I’m not the one to block a big project that everybody wants to see going on.”
Good riddance asshole.
The price Rater is paying for that building gives an idea on how much he stands to make on the stadium in general. In the end the one footing the bill will be the taxpayers.
how much he stands to make on the skyscrapers, is more like it.
44 million also may tell you what kind of value the MTA should get for their yards and the FAR zoning RAtner is seeking.
And I thought that Shaya was a mensch….This was a really sad day for Brooklyn.
he’s no mensch. he’s a cuthroat, dishonest businessman.
Boymelgreens behavior made me absolutely sick when I read this today. FCK him and his 24 million worth of lies. I really did think he was somewhat ethical and cared about PH. Now I know better. Go to hell, Mr. Boymelgreen.
Nuggets
The “I really can talk about stuff other than myself, I swear” edition. Here in Prospect Heights, the true definition of a worthless sellout: Shaya Boymelgreen. “Democrats buy cars,” he said. “Republicans buy trucks.” More manana….
You people need to get over it. I’m not saying I’m a big fan of Boymelgreen and I’m not going to comment on the whole stadium project but the comments here go a little too far.
Ratnerville call him “a cuthroat, dishonest businessman.” Why is he dishonest? Because a better deal came along? sje says “FCK him and his 24 million worth of lies” What lies? Because he said he was going to build a hotel and then decided to sell? He’s a businessman, a better deal came along, he took it. He didn’t make any promises, he told people what his plan was at the time, his plan changed, it happens all the time.
I’ll agree with the cuthroat businessman part, he is definitely that. And he may be dishonest and may lie but I haven’t seen any evidence of it. I see a guy who saw an opportunity to make some good money by building a hotel and then got a better offer, a good profit on his initial investment without all the work. Sorry if it doesn’t conform to what you want built there but it doesn’t make him dishonest and a liar.
Don’t hate the player, hate the game.
I ama bit sorry I overreacted, but when does the big picture come into play? When do the needs of the FUCKING CURRENT RESIDENTS? Ever? I felt very duped, obviously, I’m naive when it comes to politics and large sums of money. The “lies’ statement stands. I don’t believe now Mr. Boymelgreen had any intention of building on those properties. Yet he made sure we all thought he did. Projects of that size do not revolve on a whim.
I’ve already had to move my shop, and now my apt. because of the antics of those two selfish jerks, and I’m getting extremely fed up. I’m not the only one who’s life is being thrown into turmoil while Ratner and now Boymelgreen use Prospect Heights as their own personal chess board and bank account filler. So we’re pissed off. TOO BAD. You deal.
I hate the game AND the players, because they have the power and money to play fair and benefit everyone, and choose not to.
How many millions do they need to live comfortably and be happy? It’s pathetic.
Boymelgreen is a real estate developer who saw a good business deal and took it. Anyone who believed that he was focused on the community was being very, very naive. He is very generous philanthropically but only to the Lubavitcher community, he has no personal ties to Prospect Heights.
deedee is right. Also, how can NYT print that Boymelgreen “vowed to block” Ratner, and not back it up? Develop Don’t Destroy circulated something saying he “vowed” he would never sell out to Ratner, but when I looked for evidence, I was told that was based on off-the-record conversations. Did some hopeful people oversell the “rivalry” here between the two developers? This is just a guess, but probably the New York Times reporter got that “vowed” bit from a conversation with Dan Goldstein (Develop Don’t Destroy) and then threw it the lead of his story.
Boymelgreen has family that live in PH, and his offices are also. I suppose it’s no big deal for them to just move if they become uncomfortable living right next to a giant construction site for years, however I would assume because of that they would have more than a marginal interest in PH besides just squeezing cash out if it. Naive? Most definitely. I’m just a designer, unused to these Machiavellian scams & schemes…
I agree with DeeDee and Mr. Anonymous. The only shocking thing about this situation is people ever believing that Boymelgreen was on the side of those who opposed the Atlantic Yards project. He’s a businessman, and he cares about money, not people. And in the end, his calcuations paid him a handsome sum.
smart people like Boymelgreen hardly ever use their own money.
and so, about a four million dollar down payment on a mortgage for 800 Pacific, he made 24 million profit in 8 months… i don’t blame him BUT…
when you stir the hopes and hearts of the people of a neighborhood with talk of a venture that would benefit all and you know in your heart that it’s a calculated lie, that’s despicable.
Mr. Boymelgreen, when it’s Yom Kippur and it’s time to atone for your sins, bring lots of bread crumbs to throw into the lake at Prospect Park. At that same moment, try not to look north of the park to where shyster Ratner’s towers will hover in a few years, it might be too much for your conscience to bear.
welp, when the stadium construction starts, are you ready/willing to continually disrupt the site, making it an unsafe place to work [without taking innocent life], inflicting consistent property damage until its not worth it to Ratner anymore? time to start thinking about this, innit?
No, stevee, don’t. It’s illegal and dangerous to the construction workers to do things like that. It’s not their fault, they’re working people just like you and me. The time to speak up, protest and act is NOW, before construction starts. Afterwards, it’s way, way too late.
YOUR ALL A BUNCH OF BIG TALKERS, IF ANY OF YOU STOOD TO MAKE 20 MILLION YOU WOULD SELL OUT IN A HEARTBEAT.. THINK ABOUT IT, DEEP DOWN, U KNOW THAT I HAVE A POINT.. SO DONT BLAME BOYMELGREEN A GOOD OPPURTUNITY CAME, HE TOOK IT, INSTEAD OF HAVING THE PAIN IN THE ASS TO BUILD A HOTEL WHICH HE WOULDNT HAVE MADE A FRACTION OF THE 20 MILL.
I CHALLENGE THE PERSON WHO SAYS HE WOULD NOT TAKE THE MONEY INSTEAD.