Local Boy Makes Bad

“cozy corners”, by Antares 2.0

Jimmy Cabreara, who, except for his purchase of Luca’s last year, was last heard from when his papered-up real estate empire folded in 2007, is back in town, this time with a proposed 7-story, 192-unit apartment building on tiny Church Street. He’s using 8-30g “affordable housing” rules to force it through, naturally.

Cabrera, along with one Joseph Beninati, were the principles of the Antares Group back in the go-go years and built a number of huge big box mansions in the back country, all to disastrous effect. Their purchase of Greenwich/Byram’s Putnam Green Apartments in 2007 for $223 million was one of the more curious of real estate tales of that era, because it made no economic sense: zero. It’s said that when the deal was closing in Lehman’s offices a number cruncher wandered into the room and expressed his confusion: “Guys, I keep running the numbers, and they don’t add up.” “Shut up”, a Leman partner (is reported to have) replied, “and look at our fee”. Oh, the wonder years!