Boymelgreen Loses His Empire (Stores)

Developer Shaya Boymelgreen lost his deal with the Empire State Development Corporation to develop the Empire Stores after “he let it languish for three years while moving forward with luxury condo projects in” the surrounding Dumbo neighborhood, the Brooklyn Papers reports.

Once upon a time, rival David Walentas scoffed at Boymelgreen’s $140 million promise, saying he would never get the rents to justify the offer. It sounded like sour grapes, but maybe the King of Dumbo was right after all.

- Matthew Schuerman