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January 7, 2010

Boymelgreen to be booted from his HQ

Crain's NY Business
by Theresa Agovino

Here's one Atlantic Yards-footprint eviction we can live with.

Troubled real estate developer Shaya Boymelgreen is slated to get evicted from his U.S. headquarters in Brooklyn by Monday, after a lengthy legal battle with his landlord.

Mr. Boymelgreen was originally scheduled for eviction last year, but the process was blocked after two companies claiming to be subleasing space from the developer attempted to push him into Chapter 7 bankruptcy. However, on Dec. 11 a U.S. Bankruptcy judge ruled that the eviction should proceed. Yesterday, the Brooklyn's sheriff's office slapped a five-day eviction notice on the building at 752 Pacific Ave.

Mr. Boymelgreen has been leasing the building since 1999 from Henry Weinstein. Mr. Weinstein sued Mr. Boymelgreen in 2006 after learning the developer sold his 40-year lease on the building to Forest City Ratner without permission. The building lies within the Atlantic Yards project footprint. Forest City needs to raze the building so it can construct its development, which is slated to include an arena and 16 towers.

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NoLandGrab: The double-crossing Boymelgreen getting what he deserves shows that there's at least some positive karma in the Atlantic Yards footprint. Will "Developer No. 2" be on the receiving end of another dose? Only time will tell.

Posted by eric at January 7, 2010 4:26 PM