Boymelgreen Sells Building for $75M, Triple What He Paid

Developer Sam Boymelgreen, son of Lubavitch real-estate mogul Shaya Boymelgreen, just sold a 126-unit rental building in the Windsor Terrace neighborhood of Brooklyn for $76 million. He paid $25 million for the property last year.

From The Real Deal:

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.”

26 Comments

  • 1. And.....? wrote:

    and why is it important that we all know this? how does klal yisroel benefit?

    Is he going to give a choimesh 1/5th to tzedaka, like get bais rivka out of the hole or oholei torah ,or what????

    Whose interest is it to know thathe made 50 miliion?

    • 2. Ezra wrote:

      If it was your brother or your best friend who made this fortune, wouldn’t you want to know? (And not to shnor off them, but simply to share in their joy.)

      Well, then, all Jews are brothers (and sisters), and כל ישראל חברים. So don’t you think now it’s important to know?

    • 7. why? wrote:

      As a teacher myself, i am so happy by doing this mission in Hashem’s world by teaching his precious children His torah and His ways. isn’t it worth more then any money in the world?

  • 9. Very nice! wrote:

    I will give you the benefit of the doubt that your posting this for a good reason but you got half the information wrong.
    Please do your due diligence before putting up a article because it can promote unnecessary confrontation and jealousy,
    especially in a community that has nothing to do with that person or building other then think its a good time to bombard him for Tzedaka, which it MAY or MAY NOT be but they don’t really know whats going on with the building or that person..

    Congratulations!!
    I hope this is the first of many
    in order for the greater good of the Jewish community, Lubavitchers, People of NY, The world and last but not least the people and families of the companies involved!!!!

  • 13. mendoza wrote:

    bh may G-d bless him . let him spend it the he feels . its his becera chofshee
    tums up for ghezha

  • 14. Larry wrote:

    I just sold my car for $800 could you please post that I sold it because it had a transmission problem

  • 15. Luria wrote:

    The son actually runs a Moisad called Luria academy that has nearly 40 Lubavitcher children from crown heights in it

  • 17. To the negative comments? wrote:

    And how much money are YOU giving exactly? (In proportion to your means) Are you giving 100% of what you should/could be? Don’t judge until your tzedaka giving is perfect.

  • 24. naftali berkowitz wrote:

    congratulations! very happy for you! and I’m sure your father is proud of you as well!
    may this be just the beginning of many more success stories!

  • 25. izzy wrote:

    people here seem to think:
    bought for 25 million, sold for 75, so made a profit of 50, but a careful reader will notice that the article also spoke of construction work. As the place was in shambles last year that construction probably costed a few millions as well…

  • 26. To Izzy wrote:

    Izzy you are 100% right
    and to the nisht farginners why don’t you fix up bad housing and sell it for a good profit and give even more tzedoko than him!!!

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