On the Market

Boymelgreen Windsor Terrace Complex Hits Market for $90M

33 Caton Place

Developer Sam Boymelgreen has placed The Kestrel, a recently-completed 126-unit luxury residential complex at 33 Caton Place in Windsor Terrace, Brooklyn, on the market for $90 million.

The eight-story building one block from the Prospect Park Parade Grounds with studio through three-bedroom rentals represents a sentimental favorite that the son of Brooklyn developer Shaya Boymelgreen built independently of his father on the site over the past two years and named for a species of falcon that’s “the most beautiful bird in Prospect Park,” Mr. Boymelgreen says. Read More

Cover Story

Reaching for the Sun: Is It Possible to Own Too Much Real Estate?

WEB_COVER

When the credit crisis hit and the real estate market all but collapsed, news of disgraced developers became commonplace, their tales more often than not layered with intrigue.

Take Kent Swig, who, after being divorced by his wife, filed an affidavit in May responding to a lawsuit filed by his ex-father-in-law, industry luminary Harry Macklowe, arguing that Mr. Macklowe embarked on a “vendetta” aimed at “starving” him of every last penny.

But as the downfalls of real estate tycoons like Mr. Macklowe, Shaya Boymelgreen, Bruce Eichner and Larry Gluck stack up like so many new developments across Manhattan’s skyline, analysts and the city’s landlords themselves have begun to wonder aloud if there’s a limit to how much real estate can be accumulated.

“A developer’s function is to develop property, and sometimes they develop and develop until they can’t develop anymore,” said appraiser Jonathan Miller of Miller Samuel Inc., a real estate appraisal and consulting firm based in New York City. “Where people fell short was that the market was more powerful than them … the market is brutal, and it has no compassion.” Read More

Machers

Developers! They’re Not Like Us

Ever since the credit crisis hit and the real estate market collapsed, the news has been filled with disgraced developers–including in these very pages. Yet for every plucked chicken, there seems to be an equal number of phoenixes who, year after year, decade after decade, return from the construction graveyard to build again. (The Observer, Read More

When It's Not Your Money

The Mogul, Lost and Found: Developer Shaya Boymelgreen in the City of Second Acts

The breakneck rise and fall of New York developer Shaya Boymelgreen unfolds like a Gilded Age novel of social ascendance: young man immigrates to ethnic neighborhood in big city; accidentally takes part in Crown Heights riot of historic importance; strikes up fortuitous friendship with Uzbek diamond billionaire who agrees to bankroll his projects; Read More