Antares rose like a shining star, collapsed like a burst balloon

The elaborate Lake Carrington Estate in backcountry Greenwich is reflective of the Antares story: Built on spec, its shell is complete but there is nothing inside. Full Story
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SureWhyNot

Ronkonkoma, NY

#66 Aug 24, 2009
John Boorom passed away March 1st of last year...RIP

As for Jimmy & Joe, they are fools with more dollars than sense.
Duping investors and burning contractors, one almost has to wonder if they could have believed their own B.S.?
Certainly many in the community and their employ were convinced there was some substance to their charade.
This has always been the problem with speculation in an already hyper-inflated market, and they were late to hop on board.

"Well, it was good while it lasted...."
Vox Pop

Waterbury, CT

#67 Aug 25, 2009
They were jumping on the bandwagon faster than flies on a corpse.
Frank Farricker

Saint James, NY

#68 Aug 26, 2009
Sick of him wrote:
Frank, is that you?
<quoted text>
Nope, though my wife did like the picture of me
Dixie Chuck

North Brunswick, NJ

#69 Aug 27, 2009
There is some value in real-estate. Unlike pets.com or America Online, there are physical assets behind the investments and development. The problem is the leveraging of assets.
Publius

Morristown, NJ

#70 Aug 27, 2009
Dixie Chuck wrote:
There is some value in real-estate. Unlike pets.com or America Online, there are physical assets behind the investments and development. The problem is the leveraging of assets.
Well, yes, there is some value in real estate. But there are also high carrying costs: mortgage, taxes, insurance, maintenance; and a narrow market.
Dylan

Mahopac, NY

#71 Aug 30, 2009
Peter Tesei wrote:
Not only that, Cabrera was not the most popular guy in GHS. I was!
Wow!!! and you still need to cling to your past glory....get over it..whether you were joe popular or the biggest geek...its over.....
stop sleeping with your childhood trophies......
Will

Mahopac, NY

#72 Aug 30, 2009
WHy is everyone attacking these two guys? did they actually and intentionaly cheat people, or did they simply get caught in the turning tide of the market and suddenly find themselves on the short end?
I actually would like to know. did they scam people or lose it with the changing market? if they didn't intentionaly cheat people why are so many people happy about their misfortune?
Vox Pop

Waterbury, CT

#73 Aug 31, 2009
Will wrote:
WHy is everyone attacking these two guys? did they actually and intentionaly cheat people, or did they simply get caught in the turning tide of the market and suddenly find themselves on the short end?
I actually would like to know. did they scam people or lose it with the changing market? if they didn't intentionaly cheat people why are so many people happy about their misfortune?
They were insensitive to the older renters in the two complexes. Unnecessarily so. And it went from there...
anon

Hampton Bays, NY

#74 Sep 2, 2009
Wait a minute: Is no one going to give credit to Antares for their insightfulness in "taking on" the South End? gotta ask yourself: If it wasn't for Antares, would BLT be reinventing the South End right now?
Vox Pop

Waterbury, CT

#75 Sep 3, 2009
anon wrote:
Wait a minute: Is no one going to give credit to Antares for their insightfulness in "taking on" the South End? gotta ask yourself: If it wasn't for Antares, would BLT be reinventing the South End right now?
Busy trolling, aren't we?
Publius

AOL

#76 Sep 3, 2009
anon wrote:
Wait a minute: Is no one going to give credit to Antares for their insightfulness in "taking on" the South End? gotta ask yourself: If it wasn't for Antares, would BLT be reinventing the South End right now?
Ge back to me in ten years. If the South End is a bustling community with a lot of new housing, local retail development, a park and waterside dining, then credit a good bit of that to Antares.

BUT..if the South End has vast areas of empty land; little new housing, empty old yale & Towne buildings, unleased office space, a struggling supermarket, and developer cries for permitting big box retail instead of housing, then a good bit of blame will be Antares'.
Abolish The Fed

Clifton, NJ

#77 Sep 3, 2009
All these politicians rallied behind this fraud of a company for "change" they can believe in, suckers.
Vox Pop

Waterbury, CT

#78 Sep 3, 2009
Publius wrote:
<quoted text>
Ge back to me in ten years. If the South End is a bustling community with a lot of new housing, local retail development, a park and waterside dining, then credit a good bit of that to Antares.
BUT..if the South End has vast areas of empty land; little new housing, empty old yale & Towne buildings, unleased office space, a struggling supermarket, and developer cries for permitting big box retail instead of housing, then a good bit of blame will be Antares'.
A fair test.
Publius

AOL

#79 Sep 3, 2009
Abolish The Fed wrote:
All these politicians rallied behind this fraud of a company for "change" they can believe in, suckers.
It's always easy to criticize people who make decisions. What decisions have you made? What role have you played in the process? What is YOUR vision for the South End,and how would you implement it?

The fact is that however greedy their motivation; however shallow their financial plans; however poorly grandiose their vision.....Antares DID purchase and assemble the key properties to accomplish a large scale renewal of the South End. They did put together concrete plans that formed a base for making it happen. They did get enough money together to get those plans through the land use control process.

They succeeded at least that far after many others had failed. And if those "politicians" supported what may well be a "Hail, Mary" approach to the South End, there really wasn;t any viable alternative. There wasn't a lot to lose for the City. The losses so far have been absorbed by the investors. A good example of government doing a better job of vetting than the private sector.

As i indicated, we'll know a lot more in ten years.
Vox Pop

Waterbury, CT

#80 Sep 3, 2009
A point worth noting.

Many others have tried, in better times and in better places.

The name escapes me - was it Highgrove?- the local corporate sponsored housing development venture that stalled after building condos on Forest Street and Highland Road? Their "big" one was eventually built by Avalon between Grove and Greyrock.

Development isn't inexpensive, but is risky. There are very few sure bets. Ask the Rich family.
Stamford Resident

Bellmore, NY

#82 Sep 17, 2009
I worked for Joe B while he was the CEO of Greenwich Technology Partners and I can tell you that his style of doing business has not changed regardless of the industry he plays in. Case in point, I was fired 6 hours before 150,000 shares of Greenwich Tech stock was going to invest - December 31, for no other reason than - you are an employee at will and this is not working out..

Just the way it goes with small companies where its all about Joe and Jim C...because they only only cared about themselves..I can't believe that Tom Stanford stayed with Joe as long as he did. Oh well...Karma has a way of coming back to those who take advantage of other people.
Publius

Morristown, NJ

#83 Sep 17, 2009
Vox Pop wrote:
A point worth noting.
Many others have tried, in better times and in better places.
The name escapes me - was it Highgrove?- the local corporate sponsored housing development venture that stalled after building condos on Forest Street and Highland Road? Their "big" one was eventually built by Avalon between Grove and Greyrock.
Development isn't inexpensive, but is risky. There are very few sure bets. Ask the Rich family.
It was Broadmoor.

What was most interesting was that when the housing plan did not look profitable, they wanted to build a large commercial office building on the land...a project that would have caused a greater imbnalance between office and residential. In the end, it was about money.
Vox Pop

Guilford, CT

#84 Sep 18, 2009
Publius wrote:
<quoted text>
It was Broadmoor.
What was most interesting was that when the housing plan did not look profitable, they wanted to build a large commercial office building on the land...a project that would have caused a greater imbnalance between office and residential. In the end, it was about money.
Broadmoor it was.

Thanks.

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