A Look at Real Estate
Here’s a heartwarming tale of two developers in Brooklyn who are demonstrating just how cutthroat real estate can be.
Shaya Boymelgreen wanted to turn a seven-story industrial building at 57 Front Street into condos. Nothing unusual there, it happens all the time. As most developers are want to do, Mr. Boymelgreen used all the available space in the building and that resulted in a number of the apartments having their windows right on the line with the adjoining property, a parking lot. The problem is, David Walentas, another developer, owns the parking lot and if he builds on it, he could literally seal the windows since there is no easement between the two properties.
Mr. Walentas offered to make a deal with Mr. Boymelgreen for an easement provided that Mr. Boymelgreen would allow him to buy another property. When an agreement could not be reached, things got interesting.
Mr. Boymelgreen tried to circumvent city laws by renaming certain apartments studios, which are not required to have windows. Furthermore, he designed the windows in some of the bedrooms with a notch that would create an easement even if a building were placed on the adjoining property.
Mr. Walentas decided to put the screws to Mr. Boymelgreen and has filed permits to place a steel sculpture on the parking lot that he describes as, “steel columns in front of the windows with plates strategically placed where the windows are, just as a little negotiation." That is simply evil.
As usual, this type of “negotiation” is just causing trouble for ordinary people. Even though contracts are signed, none of the apartments can close until things are resolved. While Mr. Boymelgreen has offered to refund deposits, people who have accepted his offer are finding that they have been priced out of the marketplace and have no options.
