Two Developers Get Barred From Constructing Condominiums

NEW YORK CITY—Developers Africa Israel Investments Limited, and Jeshayahu “Shaya” Boymelgreen have been barred from building condominium projects by New York State Attorney General Eric Schneiderman, pending a fraud investigation. The AG’s real estate finance bureau is investigating allegations of fraud in the offering of condo units at the Downtown Condominium, a Wall street development, related to the disposition of escrow funds, the developers’ obligation to complete construction and their refusal to relinquish control of the property to its rightful owners, those who bought and reside in the units.

“This fraud on homebuyers, conducted literally on Wall Street, is emblematic of the very worst conduct by property developers,” Schneiderman says. “Homebuyers at the Downtown Condominium were deprived of the most fundamental aspects of homeownership—a completed home and control of their property.”