Boymelgreen-Ratner Deal on Pacific Was Indeed “Improper”


A 2007 Supreme Court ruling that declared a lease deal between the developers Shaya Boymelgreen and Forest City Ratner improper was upheld yesterday by an Appeals Court in Brooklyn. The ruling in the original case, 752 Pacific, LLC v. Pacific Carlton Development Corp., found that Boymelgreen had violated the terms on his original lease at 752 Pacific Street (which has another 39 years left on it) by failing to obtain written consent from the landlord before entering into a sub-lease agreement with Ratner. Now the question is what the impact of the appellate ruling will be.
Appellate Division Agrees, One Ratner Lease Is Void [Brooklyn Eagle]
Judge Rules Ratner Obtained Properties Illegally [Brownstoner]

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