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Developer Stephen Jemal Loses in Court Owes 18.9 Million

Since the summer of 2008 we have been tracking the progress of a court case of two Texas based companies: “Gerritsen Beach Investments Ltd” and “Riviera Investments I Ltd” vs Stephen Jemal. You may know Stephen Jemal and his company SSJ Development,LLC – they own the vacant Lacon Court and Knapp Street properties, and plan to develop into luxury condos. Apparently, these Texas companies were investors that SSJ Development courted to invest in his development of vacant land in our area.

If you remember way back in July of 2008, we broke the original story that Lacon Ct and Knapp street developer Stephen S. Jemal got into a $5.5 million dollar contract dispute with his investment companies. That story ballooned into a major story when Jemal sent a letter threatening to sue GerritsenBeach.net, then the website came under a denial of service attack, which I was able to prove came from an associate of Jemals, and there was a Daily News story covering it.

Anyways, after a few years in Federal court, a judgment has finally been rendered.

The Texas-based companies which were the originally investment companies for Jemal’s properties here in Gerritsen Beach won 7.8 million dollars plus interest, for a loan that Jemal failed to repay.

Jemal also lost a second case to a bank in Philadelphia. The bank loaned Jemal 11.1 million dollars for properties in Cape May County, NJ. According to the complaint, Jemal also failed to pay back this loan. This is currently being contested, but according to the complaint, the Jemals personally guaranteed these loans through a confession of judgment.

As for the fate of the properties in our area, we have not been able to ascertain what is going to happen. Speculation includes that they may be sold off to the highest bidder, given to the investment companies, or even Jemal might get to keep them if he shuffles them around.

In an interesting twist, it seems as though Jemal does not have the ownership he thought he had on Lacon Court. According to the last property owners meeting, the New York State DEC tried to fine Jemal for failure to clean up his docks but couldn’t because he was not listed as the owner. Calls to DEC and Alan Maisel were not returned.

38 comments to Developer Stephen Jemal Loses in Court Owes 18.9 Million

  • Tom McCormick

    Thanks for the update Danny. It looks like our beloved little berg is spared from development for the time being.

  • Bugg

    No wonder these banks are losing money like crazy; they lent millions to a guy who cannot afford socks.

  • Beachwalker

    I don't get it. When I have gotten mortgages, or refinanced, I have had to produce every financial document you could imagine. Pay stubs, w2's, pension info, all savings, EVERYTHING. And yet, it seems, these "millionaires" just get handed HUGE loans without any proof that they will be able to pay. Mmmmmm, maybe I'll stop wearing socks and see if things start to go better for me.

    • Toni Riggatoni

      Or you could just wear a yarmulke, default on your loan and taxes while running your business to the ground, run to Israel to avoid extradition, come back to America with a clean slate and some how have 10 million to buy up property.

  • Beachwalker

    Lol, anon-Tony R wasn't being racist, it's the truth! Remember Craaazy Eddie?

    • Anonymous

      Yes he was. He didn't have to say it has to be a jew to be a crook. What if i said anyone with a vowel at the end of their name is a cheat and lowlife now that wouldn't be nice would it. Anyway I know Jemal personally and hes an idiot. He has no idea what hes doing regarding real estate. as for the loans he took were business loans not personal loans all he did was give a personal guarantee which makes him responsible for it. Im sure he had to show his financials as well he has money. From my dealings with him it seems he has been keeping himself busy for the last few years playing monopoly with his money and others so he wouldn't have to sit home and rot away.

      • Frank

        Interesting: 1. If he had no idea what he was doing then when GBPOA and GB Cares amongst numerous other people told him you can not do this here and gave him the reasons he would have backed down. 2. Instead of sitting home "rotting away" maybe he should have just got a job like the rest of us. Oh and sorry but Monopoly is a Board GAME

    • Toni Riggatoni

      Actually guys I wasn't being anti semitic at all. I was referiing specifially to Jemal's past and what he did when he defaulted in his Nobody Beats the Whiz Chain.

      • Anonymous

        Fair enough but i dont think he defaulted he sold it for a nice amount of money to cablevision. Whats interesting is that he was responsible for development of the Wiz and has failed miserably doing the same with real estate.

  • iscream

    NOW lacon ct is being over run with jemals cronnies,the fat rat that is sqatting at catrals marina is running a muck doing whatever they please,burning creasol soaked wood ,crushing boats,and letting every skel he could find live on boats in the water and on land.their pressure washing trucks and dumping shit all the time,who can we call to make sure they at least they act like good neighbors.this fat rat is running a muck unchecked cause he dont live in the beach nobody knows what hes up to.we need gb net there with his camera to shed light on this.where are you when we need you dan,chasing bus stops ?

    • Anonymous

      if not for people like that raising your property values allowing you to sell your shanty shacks for top dollar so you can move your families to jersey or staten island to lose your grips on reality your alternative would have been selling your shacks for peanuts to blacks just so you can run away so you should applaud the thieving mogul

      • Anonymous

        well said…but nobody wants to hear the truth

        • iscream

          the truth is you idiots are f%&ken stupid,how is having vagrants living in boats that are dry docked and a shit load of houseboats dumping their waste into the canal helping our property values.its crack head heaven,maybe thats why you dopes like it .

          • Anonymous

            I have just read, what some of you think.

            Well, do you know all the people, that are living on house boat.

            No i don't think so. Many have lost jobs, many are sick.

            They may be living even better then you.

            I really think they were taken in, and are paying rent monthly.

            Plus they thought they would have electric.

            And as far as the dumping, think they may take it to waste station. Instead of putting people down, and saying terrible

            things, know the facts, first. And thought color was not

            a problem any longer. What wrong with all of you. Stop

            judging.

            Look at your self and your children, the problem they bring to

            our area.

          • now what

            YOU THINK they take it to the waste station ! you apparently do not live anywhere near lacon ct.I personally witness the sick persons pharmacist deliver his so called meds several times a day in a brand new car.I wish my pharmacist had that service.I cant even walk my dog to the water any more because theres allways kids drinking and smoking blunts{I know this because they throw out the tobacco and the tube they come in right there}its really a shame how a valuable piece of property is a shit hole.

  • now what

    YOU THINK they take it to the waste station,are you kidding. you apparently do not live anywhere near lacon ct.yea poor sick guy,I have personally witnessed his pharmacist deliver his so called meds several times daily,would you like his plate # so you can enjoy his services too.its a shame how a valuable piece of land in a residential area is such a shithole.

  • MillBasinResident

    I just walked past the site of the Mill Basin “Riviera Townhouses” site, and am first learning about SSJ and the land deals. If the guy was legit, and the plans well funded, then this would be quite a development deal for the communities involved. In particular, the second part of their plans – which develops the land adjacent to Gil Hodges Bowling (Red’s and the fallow lots that serve as fleet parking and used car sales along Strickland and Mill Ave) are in DIRE need of development. That is PRIME real estate that is dormant, as is the land on Dakota and E. 66th (the site of the former “Bergen Beach Yacht Club”).

    Strange isn’t it – the Bergen Beach Yacht Club was in Mill Basin, and the Mill Basin Racket/Health Club is in Bergen Beach. :) Maybe THAT is why the yacht club closed – nobody could find it! :)

    BTW – SSJ’s web site mentions that “Amalgamated Bank” has provided $100M financing – is that not enough to proceed. Which came first – these court losses, or the funding from Amalgamated? If Amalgamated came aboard AFTER this, then they must have confidence.

  • Shea Holmes

    When I lived in NYC,I Did business with the Jemal Family when they owned the WIZ they sold the WIZ to Cable Vision. Steve Jemal is the cousin of Edward Antar (Crazy Eddie) Now does this give anyone an hint of who these crooks are.

  • LaDonna

    I use to work for the Jemal brothers back in 2000 when they had a company call Tech No AO. And let me tell you…Stephen is a crook. He cheats on his wife, he lies to everyone, he NEVER paid his bills…even my paycheck bounced! Never mind it was during Christmas, even that did not matter. He would have construction crews do work for him and not pay them leaving me to try and talk them out of having to repay. My experience with him was scary, I could not EVEN get caught in the supply room without him walking in and chasing me around the room! He will never succeed, he does not have enough business sense. He just shuffles his money around to try and prolong repaying his debts!

    • Lawyer

      I would be very interested in anything you know about Stephen Jemal. LaDonna, I would like to talk to you about Jemal.

      Jemal submitted FALSE and FRAUDULENT financials to lenders and others showing he owned millions of dollars in securities and other assets.

      • Go get him! And anyone else up the line involved in this fraud. We ALL pay for this in the end. I hope LaDonna responds.

      • LaDonna

        I just saw your response…I would have answered any quesions you asked of me. Couple years later…perhaps I’m to late.

  • Anonymous

    steven jemal didnt make The Wixz the electronic giant it was, it was his 2 older brothers. He was a money grabbin snake who spent more then he had.

  • Anonymous1

    Talk about dumping waste,what is that Rv parked on the ave for months with the hose draining something into the street . Is someone living in that thing? Looks classy

  • anonymous

    you must vote fidler and golden out. how do you like no being able to wear shorts bike riding because it insults the jewish??
    how do you like the million dollar mosques and yeshivas and how our education system is suffering??

    how do you like how everything in gb is falling apart and i is as if we were some lawless society everyone has jusified not dealing with in one way or another.

    how do you like how he youh are allowed to run amuck and destroy property?

    kings county has he highest unemployment in brooklyn and he highhest increase in crime.

    use less and pay more useless useless useless represenatives

    marty golden will use his powers to make accountable homeowners that are having their properties broken into by these teenagers so that he can make happy his co-worker doreen greenwood by then making through the us supreme court these homeowners to sell property for an absolute lie and disregard for he truth.

    the property is not making your property go down -believe me it is everything else. do no believe his hype. it is a scandal.

    gerritsen beach has been branded and then put off as like red hook

    the crime is ridiculous and the 911 system ???

    did you hear about the gas pipe national grid and bloomberg are insalling a whie island??

    how about the illegal dumping in he creek ??? tgif and regal

    maybe that we should swim here and hey will collect he fines for heir pockets and no to improve our water or oyur neighborhood.

    so we are only for heir profit and catholic irish italian god fearing and hard working does njo have its place here

    vote marty out out out and fidler the useless fat idiot

    lew wanted to be the new rep. for the new 27th district for hacidic jewish

    yes that is right their own district they do not want to rub elbows they want to take over and destroy us by pinning us against one another

  • anonymous

    boy oh boy the conflict of interests that may prevail. this is the time for gb to stick together.

    the funny thing is the more people that get aggrAVATED and move out the more profit for a certain individual enrity that just so happens o be working in that office of representation.

    why is it the homeowners crime for having been broke into??
    so that teenagers can have a place to do what they please?

    so this individual is just quote working there to help with the taxes.
    okay so when it was asked of the then r.e. agent to lower my tax raTe as she said she would- iT never hAPPENED. at the same time telling me she never thought my house was worth what she was trying to sell it for–so therefore listen up people the bubble market value of your home is what you are paying taxes on right now. unless you are one of the fortunate people that this office does do the right thing for and protect the interests of the people of choice.

    that is if your demise does not interest them in a conflictual and profitable way or maybe a certain 10 people or so that may have interest in your property that are of the click.

    people wake up and stand together and not apart. this is what gb is all about. regardless of them we make sure that our own is happy and taken care of.

    say you had a problem if the cops could not handle it we would stick together and the cops would back us up for doing this.

    take notice people of the laws that aRE and are not being enforced.

    take notice to how the rights of the people are not the same and only for the worse.

    the only laws being enforced are the ones with fines that are profitable for the city.

    do no help them destroy us for their better.

    vote these greedy scum out of office.

    it is not republican or democrat it is the american individual trying to protect what we have worked for so hard and not to have it destroyed by the stroke of a greedy campaign effort.

    where they try to say it is your neighbor that is destroying your lives

    nobody feels more entitled than these idiots and it is time to take their notice.

    take a good look at this and never believe what a politician tells or says at elecion time.

    this has become one of the most currupt boroughs and maybe that is where you should look.

    it is not he people really we are good people for he most part.

    odds say it is probably not all of us but the few rotten eggs in office.

    please please vote these idiots out.

    my mother always said register democrat (because that is the typical vote for our state) and vote republican because they have the power

    either way keep them guessing.

    real estate offices trying to make you rent apartments illegally then what?????

    wake up

    trying to talk you into believing that you have done something wrong by having been broken into.

    i am sorry if it annoys a couple people that the house is the way it is but there is a story and lawsuit. you can not imagine my annoyance or 3 yrs of hell.

    most of all i want you to know that it was a 311 caller that that improperly reported it.

    they actually saw the kids break in then waited instead of calling on the breaking and entering charges for the little darlings it was easier to blame the victim that owns it.

    believe me i am going through enough grief i do not need some one making up maintenence issues for a piece of my house being broken off so they can enter.

    very neighborly.

    for a year and 10 months i was being charged monthly for a violaion that was dismissed and i called marty goldens office to ask for help.

    the next thing i know he was standing in front of my home explaining his campaign promise that he promises to clean up derelict homes.

    i did not know at first and i was on the phone with his office after his photo op and he told me was only waiting for “him” to call back insinuating everything was groovy and i would be geting the money owed to me

    only about 5,000 dollars. i really could have sued the city for more but “this” amount was not argueable in the least bit. unquestionably due to me.

    they are maniacal and it should stop now.

    do no move.
    stand up and say go away you unhelpful self serving idiots and you move.

  • gerritsenbeach.net

    it hurts

  • Lawyer

    I am interested in any information you have on Stephen Jemal.

    He submitted false and fraudulent financial information to several lenders and others.