Published On: Sun, Sep 28th, 2014

Shaya Boymelgreen Loses Court Ruling

 

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Controversial developer Jeshayahu “Shaya” Boymelgreen has been ordered by a New York judge to hand over all of the documents that he has in relation to his 15 Broad Street condominium building, The Real Deal has reported.

Boymelgreen had asked the judge to block a subpoena that had been issued by New York State’s attorney general for the documents, but failed to make a convincing argument for her to do so.

Judge Debra James wrote in her ruling that, “The arguments of the movants that they are not jointly and severally responsible for maintaining the escrow account at $470, 000 and that the directive that movants disclose certain financial information be stayed likewise lacks merit.”

Located in Manhattan’s financial district, 15 Broad Street in downtown Manhattan, is a luxury residential project that was converted from office space by Boymelgreen in partnership with Lev Leviev of the Israel Africa group. Soon after it opened complaints began to roll in from its new residents regarding unfinished work and the failure to issue a proper certificate of occupancy.

Last spring the two partners were prohibited by a New York judge from selling any more units in the state until the issues there are resolved and were forced to pay a deposit of $470, 000 into a court supervised account.

Judge James had previously refused to grant Boymelgreen’s request to cancel the restraining order which bars him from selling any more condominiums or co-ops until the dispute is fully resolved.

Boymelgreen recently declared that he does not have the resources to pay $50 million in recent judgments made against him. Perhaps his son Sam will be able to help out his old man with some of the $90 million that the younger hopes to get for his Brooklyn Kestrel development.

15 Broad Street offers its residents a 5, 000 square foot private landscaped terrace with an adjoining lounge area that includes a kitchen, pool table and a gaming table. There is also a lap pool, a gym, a children’s play area, a hot tub, a yoga/ballet room, basketball court, squash court, Sauna, and Bowling Alley! The building also benefits from a Full-Time a 24 hour doorman, Swiss Hotel Service and in house concierge. The building also benefits from 421G tax abatement with 6 years remaining.

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