Monday, March 15, 2010

The Intersection of Luxe & Fail

The once mighty Boymelgreen empire continues to crumble. Boymelgreen's bank LibertyPointe last week became the first New York Bank to fail in 11 years; a win by a nose, as the FDIC devoured another NY institution, Park Avenue Bank, the very next day. Unlike Park Avenue, however, LibertyPointe's failure was not immediately followed by criminal indictments. So they've got that going for them.

Boymelgreen is perhaps best known in Brooklyn for foisting the NOvo on 4th Avenue, as well as developingt 75 Smith (aka Luxe & Pop, across from the jail), and the ill-fated Gowanus Village concept that was never developed. A good thing, actually, since the Gowanus Village site will almost certainly require significant remediation during the Superfund process.

Boymelfail Link

Park Avenue Bank

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