After three years in the shadows, developer Shaya Boymelgreen has broken his silence, speaking out to the New York Observer about his Manhattan aspirations. While Boymelgreen isn’t a fan of the press — because their stories are often “below the belt” — he said he’s ready to discuss his future, and regrets. “I’m sorry I left Manhattan,” Boymelgreen said. “I should have stayed only in Manhattan, as far as going to Brooklyn, to Florida, to Vegas, to [Eastern] Europe.” While he didn’t elaborate much on his aspirations, Boymelgreen mentioned a possible project with the head of Citibank in Israel. “They wanted us to do something together, and I told them, ‘Listen, I am not so strong as I used to be.’” And with good reason — Boymelgreen’s LibertyPointe bank was shut down in March, and the developer himself received an eviction notice from his Brooklyn headquarters in January.  [NYO]

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Developer Shaya Boymelgreen

The New York State Department of Banking shut down developer Shaya Boymelgreen’s struggling LibertyPointe Bank, and the Federal Deposit Insurance Corporation sold its assets to Wayne, N.J.-based Valley National Bank, marking the first New York state bank seizure this year. The shut down — which will cost the FDIC $24.8 million — comes nine months after federal and state regulators issued a cease and desist order against the lender for using unsound banking practices, including operating with an excessive amount of commercial real estate loans. “It is a top priority of the New York State Banking Department to
protect the deposits of consumers of New York State banks and ensure
the safety and soundness of the banking system in the state,” said
Richard Nieman, state superintendent of banks, in a statement. Valley National Bank officials said the bank assumed about $200 million
in deposits and received about $180 million in loans, which are subject
to a loss-share agreement with the FDIC. The bank also received $20
million in cash and other assets. [more]