PA Developers’ Malinsky dumped from another project

TRD New York /
Mar.March 22, 2011 12:01 PM
City Point rendering and Aaron Malinsky

Less than two weeks after being fired from the Brooklyn Navy Yard project, Aaron Malinsky was removed from the City Point project in Downtown Brooklyn that was to include the construction of the tallest building in Brooklyn, according to the New York Post.

Malinsky allegedly directed nearly $500,000 in bribes to Brooklyn State Senator Carl Kruger in exchange for his official help with real estate ventures throughout the borough. Yesterday, The Real Deal reported that Malinsky would “vigorously contest” the allegations.

Acadia Realty Trust, the majority partner of the City Point site, decided to remove Malinsky from the operation in order to cooperate with the federal probe. City Point is a $750 million commercial and residential project that was scheduled to be built in three phases — the first of which was 50,000 square feet worth of retail that is set to be complete this year. At one time the future of the project appeared bleak, but a $20 million federal bailout helped the site regain its footing. [NYP]


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