Published On: Sun, Aug 24th, 2014

Sam Boymelgreen Kestrel Almost Ready, He’s Asking $90 Million

the kestrel

Sam Boymelgreen, the son of famous Israeli real estate developer Shaya Boymelgreen, has a new luxury rental Brooklyn development near completion. It’s been named The Kestrel, after a bird of prey spotted in Prospect Park.

Boymelgreen is reportedly shopping the building around for $90 million to raise the capital for yet another development.

The 37 year old younger Boymelgreen, the COO of Boymelgreen Developers, has been making a name for himself since he set out on his own in 2012. He needs to differentiate himself from his father whose reputation was damaged after a number of bankruptcies due to the Great Recession. Sam certainly has the experience having served as head of development and construction for nearly 40 of his father’s projects.

Located at 33 Caton Place – formerly number 23 — next to Prospect Park, The Kestrel will offer rental apartments ranging in size from studios to three bedrooms. It will have 126 units over eight stories and 162, 000 square feet of total space once it is completed in 2015. Each apartment will come with stainless steel appliances, including a washer and dryer. Also, 108 of the units will offer their occupants outdoor spaces ranging from Juliet balconies to private gardens.

One bedroom apartments there are expected to go for $2, 300 a month.

Residents will enjoy amenities such as a full time attended lobby, a gym, a landscaped roof deck, attended parking, a lounge, a media room, a private storage area, a children’s’ playroom, a pet spa and more.

The new building was constructed on the site of a half finished project that was left dormant for years and was a bit of an eye sore for local Brooklyn residents. In 2009 the area was rezoned, allowing the new project to go forward. The red building’s ground floor will have a white façade.

The building was designed by DJ Associates Architect PC and Luca Andrisani Architects and its leanings will be handled by Halstead Property Development Marketing. The property benefits from a 15-year 421a tax abatement.

Sam’s father Shaya developed the nearby Park Circle condominiums on Coney Island Avenue.

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