Tuesday, September 1, 2009

Feds order Boymelgreen to cease and desist

From Crain's:

LibertyPointe Bank, an institution co-founded four years ago by developer Shaya Boymelgreen, has been ordered by federal regulators to cease and desist from excessively risky lending.

The bank, which is headquartered in lower Manhattan, was deemed to operating with excessive levels of delinquent loans, setting aside inadequate allowances for loan losses, and overly concentrating its portfolio in commercial real estate lending, according to the order dated July 16 but posted Friday on the Federal Deposit Insurance Corp.’s Web site.

LibertyPointe, which operates one branch in Manhattan and two in Brooklyn, caters largely to the Orthodox Jewish community. It had $222 million in assets, $207 million in deposits, and $11.8 million in capital as of the quarter ending June 30. Its total risk-based capital ratio of 8.3% puts it below the FDIC’s definition of a well-capitalized bank, as such it could be forced to raise fresh funds.

In addition, LibertyPointe’s $182 million portfolio seems to have a high amount of troubled assets.

So that's why the RKO Keith's is for sale. But the price has gone down considerably. It's now listed at $24M, down from $31.5M a year ago.


Anonymous said...

I am not an attorney, but I worked with Boymelygren, with people of this scumbag. I have been in the real estate business for dozeens of years, but this bastard is the worrst U have seen in 24 years...

Anonymous said...

The asking price for the Keith's will be dropping even further soon.

Now let's see if Chuck "follow the buck" Apelian and his CB gang have a real, not feigned, interest in this prime historic theater.

The test will come if they choose to take the lead in preserving this historic landmark by proposing eminent domain proceedings to seize the Keith's.

In this case it will definitely be for the public good not like the con job going on at Willets Point.

How come CB#7 hasn't pulled out all the stops (over the years past) to locate a sympathetic buyer for the property if (as they always keep on saying) it's the gateway to Flushing?

Maybe Tommy Huang or Wellington Chen (through a shell organization) will snap up the Keith's when the price is right and Flushing is back to square #1!

Maybe Tommy Huang has been a silent partner with Boymelgreen all along.

The community is waiting Marilyn and Chuck...to see if you'll step up to the plate!