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:
He is battling a bankruptcy filing against one of his companies, eviction from his Brooklyn headquarters — a judge ruled Tuesday morning that the proceedings could move forward early next year — and the seizure of a Queens theater in what the buyer calls a “friendly foreclosure.” Condo owners are filing lawsuits over his construction. He has cut his staff to 15 from 200, his spokeswoman says, and several former co-workers report that the five of his eight children who are in the family business are looking for other employment.
There’s also trouble with Boymelgreen’s LibertyPointe Bank, which the FDIC demanded stop issuing commercial real estate loans in July. This past Friday, regulators indicated they might need to seize or shut down the undercapitalized bank soon, giving it 30 days to raise $25 million — or suffer the consequences.
But what about the plans for Houston? The same executive who reassured Sarnoff last month apparently still has her job, and is still . . . upbeat — about several Boymelgreen projects:
Sara Mirski, managing director of development for Mr. Boymelgreen, maintains that he will develop the Queens theater site along with properties on West 23rd Street, upstate and in Texas. He is just waiting for “when financing is available,” she said.
But the developer Sam Suzuki said that his lawyers were drafting a contract to buy the theater property’s mortgage from the bank, that he was doing due diligence on the property and that he planned to close early next year.
- Star of Real Estate Boom Is Confronting Hard Times [NY Times]
- Twin tower plan still on [Houston Chronicle]
- FDIC smacks Shaya Boymelgreen’s bank [Crain’s New York Business]
- San Felipe Condominiums: Two New Towers in Memorial [Swamplot]
- Uptown Hot Potato: Four Quick Flips in a Few Short Months [Swamplot]
San Felipe Condominiums site plan: Boymelgreen