Co-op Shuts Down Proposed Development Deal for Luxury Tower on Pineapple Walk
The residents of 75 Henry Street voted against exploring a developer’s offer of $130,000,000 to build a controversial 40-story condo tower next door. Sensible decision? Or silly snub of cold hard cash? The shareholders of Whitman Owner Corp. -— members of the 75 Henry Street co-op that owns the land — voted 191 to 112…
The residents of 75 Henry Street voted against exploring a developer’s offer of $130,000,000 to build a controversial 40-story condo tower next door. Sensible decision? Or silly snub of cold hard cash?
The shareholders of Whitman Owner Corp. -— members of the 75 Henry Street co-op that owns the land — voted 191 to 112 last week to not further consider proposals for developing their adjacent parcel running from Cadman Plaza West to Henry Street, reported the Brooklyn Eagle.
Anbau Enterprises, the prospective developer, had recently upped its offer from $75,000,000 to $130,000,000 in a deal that would have given shareholders in excess of $120,000 each.
Granted, a quarter of the residents would have had their views blocked by the new 40-story luxury building, as would half of the units in the building next door (whose tenants wouldn’t have seen a cent of the cash). And neighbors argued in a community meeting two weeks ago that a new tower would overtax an already strained infrastructure in Brooklyn Heights.
A vote to move forward with the proposal would have opened the invitation for offers from other developers. But 75 Henry’s decision locks out further development discussion. For now, anyway.
Brooklyn Heights is in something of a mini development boom at the moment — with Pierhouse nearing completion, the Library condo project getting started, plans for two towers at Pier 6, and a site on the market at 205 Montague that could get a 700-foot-tall tower.
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Another Tower for Brooklyn Heights? Henry Street Co-op Mulls $75 Million Offer
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75 Henry st. residents acted with dignity and did the right thing. This offer will be raised and it will return
which is why the library deal for a tower is toxic to the neighborhood. After the lib ray tower it will be easier to put up towers all around. the td bank building. the bank of america building are all moving forward with towers.
How could the BHA support one tower and not another. They did it because St. Ann’s gets a payout for air rights from
the library deal and many of the BHA elites are affiliated with St. Ann’s . Why should St. ann’s a private school wit a very wealthy clientel benefit from the merging of lots by the city to sell air rights. They are said to walk away with 7-10 million. Why is Levin for the library tower ? He spoke against the sale of the pineapple walk tower. He is part of a group of lawmakers oblivious to the corruption, insider trading and crony capitalism they promote.
He follows Brad Lander like a puppy.
Dumplevin2017@aol.com and on twitter.. dumplander too?? join us
$120K is not enough, IMO, to start messing with the overall value of your apartment.