Sam Boymelgreen has tripled his investment in the Kestrel in Windsor Terrace located at 33 Caton Pl in Brooklyn, selling it for $76 million. The real estate mogul bought the development out of foreclosure for only $25 million a year ago.
However, the sale price was considerably less than the $90 million he was said to be seeking for the property last summer.
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The 37 year old younger Boymelgreen, the COO of Boymelgreen Developers and the son of famous Israeli real estate developer Shaya Boymelgreen, 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
The luxury rental apartment building boasts 126 units ranging in size from studios to three bedrooms, over eight stories and 162, 000 square feet of total space. Once completed, 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.
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.
It 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.
David Robinov, director of sales at Ackman-Ziff, whose company also sourced acquisition financing for the buyer, told The New York Daily News, “”The Kensington and Windsor Terrace neighborhoods have thus far been untested markets for investment. Our team highlighted the scarcity of affordable rentals in more established neighborhoods to spur investor confidence that that there will be continued rent growth all across Brooklyn.”
