Thursday, June 08, 2006

Gowanus Developer Boymelgreen Bails Out of Miami

Interesting news from Miami about our favorite Gowanus developer, Leviev Boymelgreen (of Gowanus Village fame, among other projects). Seems the firm, which, in which Tel Aviv firm Africa Israel holds a majority share, is selling off about half its holdings in South Florida. Boymelgreen is one of the biggest private landowners in Miami.

This interesting news comes from the Miami Herald, which reports that Boymelgreen--with whose work GL is fascinated, probably because it has so many projects in our immediate area--is going to sell about 7 acres of land in downtown Miami for some $89 million. Says the Herald, in language reminiscent of that used about Leviev Boymelgreen in Brooklyn:
The deal raises new questions about the plans of a company that made a splashy entrance into Miami and Miami Beach two years ago, but has struggled to get its projects off the ground since. The company has been beset by construction delays, management turnover and a constant reshuffling of brokerage companies that sell its condo units.
Just last year, people were saying things like that about Boymelgreen’s new “Luxe + Pop” 75 Smith building at Smith and Atlantic. The company's 12-story Park Slope Tower development on Fourth Avenue, between Fourth and Fifth Streets, languished as an empty site for ages too. You’ll recall that Boymelgreen recently bought the Jewish Press Building on Third Avenue to complete a parcel that would be part of its Gowanus Village development.

The Miami bailout could mean something for the firm's Brooklyn projects or it could be background noise. Leviev Boymelgreen appears to have cashed out of Miami to take profits before the market there goes south or to free up some cash flow. If the move ends up injecting more cash into the firm, Brooklyn projects like Gowanus Village could start moving faster.

We await more Boymelgreen news.

7 Comments:

Anonymous FROGG said...

High-end condos on the canal?
Might we see more bailing out?

Boymelgreen's Jewish Press Building on Third Avenue has an industrial deed restriction. The restriction states that the site must be used for industrial purposes.

As for Gowanus Village condos, there may not be any for sale. The developer applied to the state brownfield cleanup program which doesn't allow brownfield finincial credits for condominium and single-family residential home projects.

SEE: statement by Knauf Shaw LLP at: http://www.nyenvlaw.com/BCP%20Fact%20Sheet.htm "The legislative bill drafters did not want the credits to apply to “for sale” property, including condominiums and single-family residential homes, because they did not want developers constructing remedial systems that may operate for extended periods of time and pass on the responsibility to operate such systems to home owners....Condominiums can be constructed but the proportional share of the project attributed to the condominiums would lose the tax credits for the portion of the project."

Note: Knauf Shaw LLP is also acting on behalf of Gowanus Village LLC-Boymelgreen's Project.

2:37 PM  
Anonymous FROGG said...

Might we see more bailing out?

Boymelgreen's Jewish Press Building on Third Avenue has an industrial deed restriction. The restriction states that the site must be used for industrial purposes.

As for Gowanus Village condos, there may not be any for sale. The developer applied to the state brownfield cleanup program which doesn't allow brownfield finincial credits for condominium and single-family residential home projects.

SEE: http://www.nyenvlaw.com/BCP%20Fact%20Sheet.htm "The legislative bill drafters did not want the credits to apply to “for sale” property, including condominiums and single-family residential homes, because they did not want developers constructing remedial systems that may operate for extended periods of time and pass on the responsibility to operate such systems to home owners....Condominiums can be constructed but the proportional share of the project attributed to the condominiums would lose the tax credits for the portion of the project."

2:38 PM  
Blogger Rita Earle said...

Mary Rita Earle here. Great information on Gowanus Developer Boymelgreen Bails Out of Miami. With the information explosion on the Internet, it can be hard to find exactly what you are looking for when searching on family tree. I hope you will find my site family tree just as valuable.

6:16 AM  
Blogger Mary Rita Earle said...

Hi rsguskind, I was just blog surfing looking for information on runby marketplace and found you! Your post about Gowanus Developer Boymelgreen Bails Out of Miami really got me thinking. I think you might find my runby marketplace related site interesting too.

3:20 AM  
Blogger Rita Earle said...

Hi rsguskind, I was just blog surfing looking for information on ideas and found you! Your post about Gowanus Developer Boymelgreen Bails Out of Miami really got me thinking. I think you might find my ideas related site interesting too.

6:02 AM  
Anonymous Anonymous said...

Boymelgreendevelopers is bleeding people, to other builders and Construction Management Companies. They have lost or fired 15 persons over the last three (3) weeks, as their director of construction flexes his personality. Their building at Atlantic and Smith is now 3 months behind the projected May 22nd, 2007 completion date, and won't see a tenant in the building before July 31, 2007 at the earliest due to poor planning by management. Their building at 20 Pine in Manhattan has lost all but 4 of the original staff, and is seriously behind schedule. RKO is another dream that will not happen anytime soon.

Cash is not the problem at Boymelgreen, mismanagement and poor planning by the latest management team is, and their reputation is so poor that no self respecting Project Manager or Super will apply for employment. Job seekers are warned away from this company by head hunters.

We wish Svee and Sam Boymelgreen lots of luck getting work completed with no construction or labor teams.

12:36 AM  
Anonymous Anonymous said...

Boymelgreendevelopers is bleeding people, to other builders and Construction Management Companies. They have lost or fired 15 persons over the last three (3) weeks, as their director of construction flexes his personality. Their building at Atlantic and Smith is now 3 months behind the projected May 22nd, 2007 completion date, and won't see a tenant in the building before July 31, 2007 at the earliest due to poor planning by management. Their building at 20 Pine in Manhattan has lost all but 4 of the original staff, and is seriously behind schedule. RKO is another dream that will not happen anytime soon.

Cash is not the problem at Boymelgreen, mismanagement and poor planning by the latest management team is, and their reputation is so poor that no self respecting Project Manager or Super will apply for employment. Job seekers are warned away from this company by head hunters.

We wish Svee and Sam Boymelgreen lots of luck getting work completed with no construction or labor teams.

12:37 AM  

Post a Comment

<< Home