NEW YORK (Legal Newsline) — Real estate developers Jeshayahu
Boymelgreen, Itzhak Katan, and Domenick Tonacchio and several of their entities
have agreed to settle allegations of Martin Act Violations, New York Attorney
General Eric T. Schneiderman has announced.
At multiple properties they developed, the defendants
allegedly committed such violations as failure to complete construction of
projects after selling units and failure to remedy alleged construction
defects. As per the settlement agreement, Boymelgreen cannot sell securities,
including condominiums, in New York state for the next two years.
“Today’s settlement should serve as a lesson to other
developers who choose to ignore and break the rules,” Schneiderman said. “We
will not hesitate to take tough action against unscrupulous individuals who
violate the rights of purchasers and tenants. I am pleased this settlement
will return restitution to those who have been harmed by these illegal
The alleged violations occurred at the Downtown Condominium
at 15 Broad St. in Manhattan, the 20 Pine Condominium in Manhattan, Beacon
Tower at 85 Adams St. in Brooklyn, the Novo Condominium at 353 Fourth Ave. in Brooklyn, the Crest Condominium at 302 Second St. in Brooklyn and the
Newswalk Condominium at 535 Dean St. in Brooklyn.