Born in Israel, Boymelgreen immigrated to New York in 1969 and worked in asbestos abatement and running a number of modern Judaica bookstores in Brooklyn, NY.
[2] In just over a decade, Boymelgreen transformed his family business into one of the largest and most active development companies in New York City.
The company had more than 200 employees and an $8-billion portfolio that extended into major markets across the U.S. – including New York, Miami and Las Vegas.
Boymelgreen purchased a 64% stake in Azorim in September, 2006, a $500-million, publicly traded investment and development firm in Israel, with 120 employees and $730 million in assets.
The acquisition would enable Boymelgreen and Azorim to utilize this infrastructure to establish large scale operations rapidly and eventually expand into other countries in the region.
[7] Simultaneously, in the United States the Federal Deposit Insurance Corporation (FDIC) altered its regulations and began requiring banks to have higher amounts of capital.