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Exclusive: Courts Say Jemal Owes 18.9 Million – How Will This Effect Us?

Our neighborhood’s favorite wanna-be developer is up Gerritsen Creek – and apparently can’t afford to buy a paddle!

Two federal courts recently handed down multi-million dollar judgments against developer Stephen Jemal, the man the Daily News said would “re-energize” our waterfront. So much for that plan, huh NYDN?

The judgments include 11.1 million dollars for unpaid loans in connection with properties in Cape May County, NJ handed down in March (which Jemal apparently is still being contested before the Court) and 7.8 million dollars for unpaid loans from private Texas investors in connection with Jemal’s Brooklyn properties, including the much-discussed lots on Knapp Street and Lacon Court.

What these judgments will mean to our community remains to be seen, but one would think that the undeveloped properties in our area may be sold off to the highest bidder.

Hopefully, more to come as I make a few well-placed phone calls.

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