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March 16, 2007

Boymelgreen: No new Brooklyn projects — for now

The Brooklyn Paper
By Dana Rubinstein

shayaboymelgreen_BP.jpgIn the Brooklyn Developers Hall of Shame, Boymelgreen is seated with other heavyweights like Bruce Ratner and Robert Scarano. Boymelgreen's m.o.: to increase his margins by hiring non-union labor (in this respect, the Brucester looks like a saint in comparison). Boymelgreen's latest controversy came to a head last week when he got burned in court for colluding with Bruce Ratner to double-cross Atlantic Yards' footprint property-owner Henry Weinstein. [Is there no honor amongst developers???]

The Brooklyn Paper has extensive coverage of Boymelgreen this week, who, "Unlike Bruce Ratner... had the guts to sit down with The Brooklyn Paper and share his vision." One important theme is the glut of luxury condos on the market in Brooklyn:

Brooklyn’s luxury condo boom is petering out — at least according to one of the borough’s biggest developers.

Real-estate tycoon Shaya Boymelgreen told The Brooklyn Paper last week that won’t start any new Brooklyn projects until the glut in luxury condos dissipates.

article

NoLandGrab: If a luxury-condo glut materializes, what does that portend for Bruce Ratner's luxury-condo portion of the Atlantic Yards plan? Remember, Ratner claims that the historic residential density of the project is the result of having to build luxury condos to cover the "affordable" housing.

Unlike Boymelgreen, when Ratner's projects stagnate, some government entity usually picks up the slack. Boymelgreen's predictions, in the wake of the approval for Atlantic Yards, should concern taxpayers who are fed up with subsidizing Bruce Ratner.

Posted by lumi at March 16, 2007 8:48 AM