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Is the "McNally Effect" Behind the Billy's Antiques Bust?

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Billy Leroy of Billy's Antiques was just busted for his collection of New York subway signs, but he's been selling them for over a decade without any hassle. Above, that's a picture we took back in April of 2008 of some MTA signs basking in the sun. So what suddenly prompted the police to investigate now? Jeremiah of Vanishing New York has a theory:

"The police are likely working with the city to oust Billy's Antiques, making room for some luxe development. As Billy told The News, police knew he'd been selling subway signs for 12 years. Now they raid him? It's the McNally Effect again."
That would be restaurateur Keith McNally, of course, whose Pulino's just opened across the street.
· Billy's Antiques Got Subway Signs Fair and Square, Says Owner [Racked NY]
· Billy's Antiques Prefers the Euro, Please [Racked NY]
· Everyday Chatter [VNY]

Billy's Antiques and Props

78 E. Houston Street, New York, NY