Boymelgreen sells BK rental for $76M, triples his money

Developer's haul for the Kestrel was well below the $90M ask, however

TRD New York /
Jan.January 30, 2015 09:00 AM

Sam Boymelgreen sold a 126-unit rental building in the Windsor Terrace neighborhood of Brooklyn for $76 million.

Boymelgreen, the son of controversial developer Shaya Boymelgreen, bought the property at 33 Caton Place — also known as the Kestrel building — for $25 million out of foreclosure last year, according to the New York Daily News. He finished construction on the property and has begun leasing out units at the rental development, the newspaper reported. Ackman-Ziff director of sales David Robinov represented both the buyer and the seller in the transaction.

Massey Knakal briefly listed the property for $90 million in September.

“The Kensington and Windsor Terrace neighborhoods have thus far been untested markets for investment,” Robinov told the newspaper. “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.” [NYDN] — Claire Moses 

Related Articles


Boymelgreen banned from selling condos in NY for two years

As Brooklyn booms, construction defects spike

Judge tells Boymelgreen to hand over 15 Broad Street records

Africa Israel appeals ban on its condo sales

Boymelgreen: My family firm owes $50M in court judgments

Africa Israel asks New York court to lift selling ban on firm

Ruling hands Africa Israel win in Downtown Condominium battle

Court slaps temporary ban on Boymelgreen, Africa Israel