The bubble must be rising again, if Joey Beninati can get funding for another project

Jump! Jimmy Cabrera (left) and his pal Joey turn their backs on the final, aborted Antares project

Jump!
Jimmy Cabrera (left) and his pal Joey turn their backs on the final, aborted Antares project

Beninati, one of two partners of Antares, the Greenwich developer that failed so spectacularly here, is back in the game,with new investors’ money and a NYC building he just purchased for $24 million.

The Antares Boyz went down owing hundreds of millions of dollars, wasted on cars, maxi-pads and general incompetence.* They’re being sued by pension funds and other investors, ex-wives and just about everyone who doesn’t like them on general principle yet here they are – or here’s one of them, anyway, scrubbed, clean and ready to go again. That someone would give him money to “invest” in real estate is like the monkeys in Chinese zoos fidgeting just before the earthquake arrives; it’s a bad sign.

*(The definitive article on the Greenwich crash remains Nick Paumgarten’s 2008 New Yorker piece, “A Greenwich of the Mind”).

10 Comments

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10 responses to “The bubble must be rising again, if Joey Beninati can get funding for another project

  1. Anonymous

    While they owe several investors other investors made a fortune with these guys. Here is a question, if you invest in a legitimate deal and all goes well these guys are great if all goes south then what? How do great guys become bad when and if a deal goes bad? Things happen . Bottom line is either they are good or bad from the start!

    • Putnam green: three bids from legitimate developers, $90-$100 million. Antares bid: $220 million. That was a project never intended to make money for the investors, but paid a fortune to Antares and the syndicator, Lehman.
      There were lots like that. The boys may have started out with good intentions, but their greed overcame them.

  2. LMNOP

    If creditors are after these boys for bad debts, why can’t lawyers file a claim against this new purchase and slap a huge lien on it?

    • Presumably he’s got a new corporation. In America, people are free to start over, which is one of the terrific things about our country.

      But maybe his ex-wife will get him.

      • LMNOP

        But the linked Real Deal article refers to Antares, the name of the old company. Are you suggesting this is a new Antares, like A2, incorporated in another state?

        • AJ

          Yeah, they can do that. And why not? Unlike ObamaCare, no one is forced to fork over their money to these guys at the point of a gun. If you think the Antares Boyz are the vehicle that’s going to take you to the next level, you are free to take that ride.

  3. Anonymous

    “A Greenwich of the Mind.” A brilliant title and a great article.

  4. Stanwich

    While he can “start over” because presumably all of the prior investments the went bad were held in individual companies, lenders will have a very hard time accepting him as the guarantor on loans. In fact, it is near impossible for him to get a loan on projects he is sponsoring. He most likely has deep pocketed partners with clean credit histories who will be the real control on these investments. No way a lender will accept him, no way.

    Bottom line is that these guys flamed out spectacularly and their penchant for gaudy, tacky homes and splashy headlines made them seem all the more slimy. Their investors aren’t real institutions, just wealthy individuals who are seduced by their flashy ways. It’s like showing a monkey a shiny object or rather, a moth to a flame.

  5. FF

    First, I think they would have referenced Jim Cabrera if it were Antares. I think its probably just Joey B, though I could be wrong.
    If someone paid $12.1 million in 2007 over on the High Line, regardless of the fact that new product is trading for $2000-$3000 a foot there, the new price based upon both the condition and the potential of the building is absurd. After spending years in this market, I can tell you clearly that if someone “new” is in any submarket in Manhattan it is either because they are rich, stupid, criminal or any combination therein