41 N. Main, Sherborn Saga Continues

The 40-B construction saga continues in Sherborn. In past few months 41 N. Main St.-Hunting Lane has applied for a MA Housing permit and has been given the go-ahead to apply to the town’s ZBA that is the primary regulator that will finalize any building permit to complete the project. Inputs normally are sourced from many others — Conservation Committee, Board of Health, Public Safety departments, Planning Board, abutters, etc.

Igor Lybarsky bought these properties back in 2014 and my belief is he and his associates are flushing money and will be lucky if they ever make any money on this deal. Even at this point it could be another 5 years to begin construction. For comparisons, Whitney Farms (now rebranded) on Whitney St. began the permitting process in 2003, included a court case in MA Land Court, changed ownership, and 17 years later the development still has not been completed.

Lybarsky has spent the last few years bringing flimsy commercial ideas to the Town without yet wielding the 40-B legal development stick. He presented to the town an assisted living facility concept and tried to convince the town to pay for a multi-million-dollar sewer plant that placed all the construction, operating, and financing risk on the Town.

Lybarksy Is Starting To Play Hardball

-but is losing the battle as either he or his lawyers screwed up the Chapter 61 tax shelter among other factors

• Lybarsky filed a Ch 61 tax shelter for 31 Hunting. He looks like he left himself exposed to a town held Right of First Refusal (ROFR) lien that gives the Town the right to purchase the property once the Ch 61 filing is withdrawn. Unity Farm has stepped up to offer to buy the property via the town’s ROFR. His is now trying to claim the town has no ROFR because Lybarsky plans to withdraw the Ch 61 shelter a year from now. However, this is after the ownership’s first letter addressed to town showing a non-bonafide P&S offer that described a purchase & sale only between two Lybarsky entities.
• Sweet (LDS Consulting), has been adversarial in her actions, including on her accusations in letter to MA Housing stating Town is not working constructively. Furthermore, her response to Ch 61 argument completely ignores the facts.
• Additionally, Sweet-Lybarsky have been playing games with adding/subtracting land into the project. An interesting aside, Sweet knows firsthand the MA Housing officers according to the way one letter addressed and then addresses another letter “ladies & gentlemen” (same MA Housing officers).

Key Questions On Lybarsky Linger

Who really is Igor Lybarsky (aka Gary)? He owes more explanations to the Town. When I tried to verify his projects listed on resume, I did not find anything tied to him.

• Is he really a developer or just the money behind these developments? There is no evidence of RE development experience and furthermore, there is very little historical information on his professional career (no LinkedIn for example).
• He lists his company as Barsky Estates on resume. There is only a real estate trust, Barsky Estates Trust and there is no company. His RE purpose companies include Five Rocks, LLC; Five Hills, LLC and 31 Hunting, LLC. He also owns Netstar Consulting Inc listed as IT consulting (related to Diimitry’s calling card business?)
• Different spellings of last name on legal documentation including filed in mortgage document records and property tax records. These include: Lybarsky, Lyubarski, Lyubarskiy

Diimitry Lyubarskiy has made numerous RE transactions with Gary including the Farm St. properties in Dover. Also, Gary has served as a power of attorney on certain RE transactions for Diimitry.

• 31 Hunting Lane — $1 mil credit line as of this past January, with borrowers, the Barksy RE Trust & Dimitryiy; loan by Needham Bank; collateral is 31 Hunting property
• 41 N. Main — $2 mil com’l loan as of 2017 w/ borrowers, Five Rocks LLC and the Barksy RE Trust; loan by Rockland Bank; collateral is 41 N. Main and 6 Powderhouse Lane properties
• 70 Greenwood — Sold btw Gary & Diimitry in 2011 and then into Five HIlls LLC in 2017
• Wellesley house — Gary bought $1.1 mil house in Wellesley in 2014. He then turned around and granted for $1 to Greenwood Estate real estate trust (Dimitry is trustee) and just prior to this date Gary borrowed $825,000 from a little-known PA bank in mid-2014

Who is Dimitry Lyubarskiy? Dimitry operates an international calling card business officially Unipoint Technologies, Inc. [[www.Comfi.com / masterbell.com / masterbell.com / pushline.com] This company was dissolved multiple times by MA Secretary of State including just in past 2 yrs. More relevant, the company was fined $180K by the FCC in 2012 for operating an international phone business without a license and not filing other required records. Company appealed but its reasoning was flimsy, and it lost its appeal that included attempting to convince FCC it had insufficient funds to pay fine. The FCC looked at gross revenues reasoning the argument had no merit.

No evidence, at least online, that Lybarsky is working on any projects listed on his resume

• 90 Ocean, Revere https://www.bldup.com/projects/90-ocean-ave is currently being developed. The owner is another Russian immigrant who made his money buying-selling tax medallions and is principal owner of real estate company, Helge Capital; looks to be very controversial. See his taxicab fight with Uber and his exiting at $25 mil estimated profit. More recently he looks to be slum landlord per Boston Globe article .
• Lumens — 30 Polk St., Charlestown — developer listed as 2 guys with very little experience developing projects. This deal did get completed and is now in the selling process.

See more info on the project including the Ch 61 legal fight