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March 10, 2007

Ratner Improperly Acquired Two ‘Footprint’ Properties, State Court Says

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Brooklyn Daily Eagle
By Elizabeth Stull

Based on court papers filed for both sides, Justice Ira Harkavy [pictured right] on Tuesday reversed the developer’s 45-year leases to 752-766 Pacific St. and 535 Carlton Ave., (now a six-story building and a parking lot), both in Prospect Heights.

Owner Henry Weinstein had leased the properties to real estate developer Shaya Boymelgreen, which improperly sold those leases to AY 535 Carlton LLC, a company affiliated with Forest City’s Atlantic Yards Project, without obtaining the owner’s consent — as required by the lease agreements.
...
“My property is not for sale,” Weinstein said. “There is a much bigger issue at stake: The rule of law has to prevail. The whole reason the United States was formed was to get away from the divine right of kings.”

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Posted by amy at March 10, 2007 11:26 AM