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March 9, 2007
Return to Owner: Two Atlantic Yards Properties
Gothamist pieces together the mystery behind the Ratner-Boymelgreen backroom deal:
You ask, how can a mere tenant sign over properties he doesn't even own to a developer for demolition? So do we!
The properties in question are at 762-766 Pacific Street and 535 Carlton Avenue, an office building and a parking lot, owned by Henry Weinstein. Weinstein leased them for 48-years to Shaya Boymelgreen, a Brooklyn developer, and the contracts clearly stated that leases could not be sold and the properties could not be demolished. When FCR took over the properties, Weinstein joined the lawsuit against the Atlantic Projects.
Boymelgreen's lawyer tried to argue that Weinstein would eventually sell the properties to FCR was just holding out for more money from FCR.
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The NY Times notes some hilarity with Boymelgreen's attempts to tell Weinstein he wanted to sell the leases to FCR: "...Mr. Boymelgreen’s companies sent a letter to Mr. Weinstein asking permission to sell the leases to Forest City, but sent it to a wrong address. Ten days later, without having heard back from Mr. Weinstein, Mr. Boymelgreen’s companies transferred the leases to Forest City." Wow, we guess when you're a big developer, following up is not a big deal.
Posted by lumi at March 9, 2007 7:45 AM