"Crain's New York Business" reports today that Shaya Boymelgreen is facing eviction from his Brooklyn headquarters after falling $200,000 in rent arrears. Last week, the Brooklyn Sheriff's Office issued a five-day eviction notice on the premises 752 Pacific Street, in the Atlantic Yards project, which Boymelgreen began leasing in 1999.
Atlantic Yards owner Henry Weinstein said that he sued Boymelgreen in 2006 after learning that he sold his 40-year lease on the 90,000-square-foot building to Forest City Ratner without Weinstein's knowledge.
Forest City Ratner wants the building in the Atlantic Yard in order to raise the building for a $5 billion sports and 16-high-rise residential project.
"Crain's" adds that the Federal Deposit Insurance Corporation (FDIC) has issued an order for LibertyPointe, a bank Boymelgreen co-founded four years ago and where is chairman, to cease and desist its risky lending policies, including operating with too many bad loans and inadequate loan loss reserves.
Several of Boymelgreen's projects are stalled, including a high-rise in Chelsea, Manhattan, he also faces lawsuits for alleged failure to repay loans, fraud, negligence, and breach of contract related to the construction and sale of two condominium projects.
Published by Globes [online], Israel business news - www.globes-online.com - on October 13, 2009
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