EVEN IF SHAYA BOYMELGREEN CAN MAKE IT THERE, HE WON’T BE BUILDING TOWERS HERE In his first interview with a reporter in 3 years, international developer-in-distress Shaya Boymelgreen tells the New York Observer he’s back in Manhattan, scouting for “new development opportunities,” and singing an old movie tune: “Unless I get an offer I can’t refuse, I would like to concentrate now in Manhattan. I believe this is now the opportunity and the time. If I cannot make it in Manhattan, I don’t know where else I can make it.” Translation: His long-threatened twin condo tower development planned for San Felipe at the end of Woodway in Houston is officially toast. [New York Observer; previously on Swamplot]
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A CONDO OWNERS FAN SITE FOR SHAYA BOYMELGREEN Still waiting for the developer of the twin-tower condo development proposed for San Felipe near the end of Woodway to provide an update on the project? Some New Yorkers would like a word with him too. The residents of the Newswalk Condominium in Brooklyn have created a website called Shame on Shaya, documenting in Russian, Hebrew, and English the “extraordinary number of construction defects” in developer Shaya Boymelgreen’s first high-profile development, constructed in 2002: “The building is now undergoing a two-year, $7 million construction remediation project. Newswalk residents are currently in legal action against Boymelgreen with a suit seeking no less than $10 million in damages.” Spokesman Michael Rogers explains: “Many of us got to know Shaya in the early days of Newswalk, and found him friendly and likeable. He may not fully understand what the residents of Newswalk are suffering, and this campaign is a way to bring him up-to-date.†[Previously on Swamplot]
Just a month ago, an executive of Brooklyn’s Boymelgreen Developers was telling the Chronicle‘s Nancy Sarnoff that the company was still committed to building those twin 28-floor condo towers at the very end of Woodway on San Felipe, next door to the old Dolce & Freddo gelato shop. Development director Sara Mirski reported that the firm planned to start construction on the Ziegler Cooper design next year, after completing a new market analysis in the spring.
The former shopping-center site, just a leap over Buffalo Bayou from Piney Point Village, was purchased by an Israeli company controlled by developer Shaya Boymelgreen 2 years ago, just days after another Boymelgreen affiliate flipped the property at the corner of Richmond and Post Oak — the site of the former Mason Jar and Steak & Ale — for a quick $24 million profit.
But those were the good ol’ days. Now Boymelgreen may have a few other things to take care of before he can get going on the San Felipe Condominiums:
This landscape plan from the Boymelgreen website is our first glimpse of the two condo towers the company is planning for 5.5 acres on the southwest corner of the intersection of San Felipe and a short segment of Woodway — just west of Voss, on the Right Bank of Buffalo Bayou. And this morning the Houston Business Journal has more to report:
New York City-based Boymelgreen Developers is developing the project for landowner Azorim, a publicly traded company in Israel of which Boymelgreen owns 64 percent. . . . The unnamed project will consist of two buildings with 28 residential floors each and an 18,000-square-foot fitness center and spa. The project will have a total of 237 condos starting at $1 million each. Units will be an average size of 2,500 square feet.
The architect is Ziegler Cooper. Boymelgreen’s website refers to the project as the San Felipe Condominiums. (And it reports a building that’s 14 condos smaller.)
Jennifer Dawson’s report in the HBJ says that sales won’t start until the fall, after a sales center — which will later “be converted into a spa, restaurant or office building” — is built on the site of the former Dolce & Freddo next door.
Below the fold: That 1960s office-and-shopping center on the site won’t go quietly!
That parking lot at the corner of Richmond and Post Oak, where the Steak & Ale and Mason Jar used to be? Very popular:
In 2007, Houston-based Hines Interests LP sold 9.4 acres to Rich Oak Properties LLC, an affiliate of Boymelgreen Developers LLC of New York. Sources put the purchase price at $86 per square foot, or roughly $33 million . . .
Rich Oak ultimately opted out of building on the site and chose to sell the entire 9.4 acres.
On Dec. 21, 2007, the land was acquired by Lasco/Hicks Ventures Ltd. Sources estimate the purchase price was $140 per square foot, or roughly $57 million.
A $24 million profit? Not bad for a few months’ work. And they said the days of the Houston land flip were over!
On the same day, Lasco/Hicks flipped six acres to Elegant Development Group Inc. The buyer is affiliated with Elegant Development and Investment Inc., a Houston-based construction services company that does commercial and residential work . . .
Less than two weeks later, Elegant Development flipped the six acres to Deyaar Development.
Deyaar Development is based in Dubai, and likes tall towers.
- Dubai tower looms on horizon [Houston Business Journal]