Shaya Boymelgreen, Shamed At Last

Six long summers ago we reported on the agony of the residents of a former Daily News printing plant in Brooklyn’s Prospect Heights that had been converted to luxury condos. The workmanship at Newswalk was so shoddy that the unit-owners sued the developer, Shaya Boymelgreen, seeking $10 million in damages. They even mounted a website called “Shame on Shaya.”

After years of investigation, state Attorney General Eric Schneiderman has announced a settlement that puts an end to Boymelgreen’s “perpetual fraud and abuse in New York real estate,” the New York Times reports.

Under terms of the agreement, Boymelgreen agreed to resolve building violations and construction problems at Newswalk and five other properties he developed in Manhattan and Brooklyn. Boymelgreen is also banned from selling securities, including condos, for two years.

Attorney David Berkey, a partner at Gallet Dreyer & Berkey, who represented the residents at Newswalk, said he is hopeful his clients will receive a settlement from Boymelgreen. “There should be enough proceeds to enable a settlement,” Berkey said, “unless it’s been lost on other bad deals.”