Boymelgreen has certainly been getting rich: Last week, he sent out a press release to report that three-quarters of the still-unfinished building have already been sold.

He bought the formerly industrial lot for just over $100,000 in 2004 - but the completed building will be assessed at $5.1 million, records show. But thanks to the city's 421-a subsidy, Boymelgreen's tax rate will be based on the much-lower figure for the first 15 years.

And it's not only condo owners in DUMBO sitting pretty with the city
tax break. More than 28 buildings under construction in trendy Brooklyn
neighborhoods like Park Slope, Boerum Hill and Carroll Gardens get the
same exemption.