The Real Deal New York

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

Developer's haul for the Kestrel was well below the $90M ask, however
January 30, 2015 09:00AM

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