“Magic” Johnson: Savior of 20 Henry?

By on October 8, 2010 11:09 pm in Brooklyn Heights, Development, News, Real Estate

According to this Brooklyn Daily Eagle article, it’s reported that a joint real estate venture in which basketball great Earvin “Magic” Johnson is a major participant, acting through a real estate investment service firm, has closed on a deal to take out troubled insurance giant AIG’s equity interest in the former Peak’s Mason Mint factory building at 20 Henry Street. Over a year ago, AIG sued the developers who were converting the building to luxury condos, seeking to compel them to pay cost overruns and to invoke its right to take over the project. As a result of the suit, work on the building was halted, and has remained at a stop.

Can “Magic” take the ball, and move it toward the goal?

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  • Amanda

    20 Henry Condos “A Magic view of the City”

  • Karl Junkersfeld

    “Over a year ago, AIG sued the developers who were converting the building to luxury condos, seeking to compel them to pay cost overruns and to invoke its right to take over the project.”

    Claude, I love when you write legalize. Having words like compel and invoke in the same sentence just warms my innards.

    Thanks Claude for this wonderful information. Next I want to hear about the police station on Poplar and then northern Heights will be close to perfect.

    By the way, 58 Hicks is looking better and better every day. Jeremy, the new owner, is restoring it beautifully. Three cheers to Jeremy.

  • nabeguy

    This would be a slam-dunk for that corner. After all the fouls and double-dribbllng between AIG and the developers, it’s exciting to see someone come off the bench and inject a spark into a game that appeared to have ended at half-time. Let’s hope that Magic can employ his best defensive skills to improve that zone and advance this project to the final buzzer.

  • Pineappleguyforever

    “Claude, I love when you write legalize. Having words like compel and invoke in the same sentence just warms my innards””

    Brother Karl,

    LOL, Is this where I start lawyer jokes?

    Ohtay: How does an attorney sleep?

    First he lies on one side, and then on the other.

    ;)

  • http://selfabsorbedboomer.blogspot.com Claude Scales

    That’s just how I sleep.

  • Matthew Parker

    My favorite lawyer joke:

    What’s the difference between a rooster and a lawyer?

    A rooster clucks defiance.

  • ratNYC

    last night I went to see the opening of The Mikado by the Heights Players. It was really cool – i’d totally recommend it.

  • Luke C

    Can the BHA sue the developers too for tearing down a sculpture garden, removing scores of local business-patronizing residents and leaving a scaffolding-wrapped construction site in our midst? How much has their greed cost local merchants in lost revenue, home sellers in diminished value and former residents in relocation costs?

    Developers suck.

  • EHinBH