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Nein-apple Walk! Cadman Plaza co-op votes against lucrative land sale!

Brooklyn Paper
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It is now forbidden fruit!

Brooklyn Heights’ 75 Henry St. co-op building will reject a developer’s $130-million offer to sell the land along Pineapple Walk so it can erect a 40-story tower there, after the majority of residents voted against the deal that stood to net them hundreds of thousands of dollars apiece.

Shareholders voted 191–112 against the sale, according to a report by a Brooklyn Daily Eagle journalist who lives in the building.

The “no” vote also means that denizens of the 33-story tower at 75 Henry St. are not interested in selling the thoroughfare to anyone else, and the building’s board should reject all future offers for the prime slice of land, which runs between Cadman Plaza West and Henry Street and is home to the popular Park Plaza Restaurant and several stores.

The decision comes at the end of a month-long battle over the sale and development, which threatened to divide residents of the close-knit Cadman Plaza co-op community.

Manhattan luxury builder Anbau Enterprises first dangled a $75-million offer in front of residents in the beginning of December, then jacked up the price by another $55 million last week.

Under the original offer, unit owners were told they would make between $120,000 to $260,000 from the sale, depending on the size of their digs — and those who owned townhouses on the property would make even more. The latest offer presumably would have netted residents anywhere from $200,000 to $450,000, based on the 73-percent increase.

The co-op, which currently reaps $95,000 a month from the Pineapple Walk stores, would also have retained ownership of the new retail spaces and continued to collect rent.

But many residents — not to mention their neighbors at the Cadman Towers co-op on the other side of Pineapple Walk — feared the new tower would block views from both buildings and bring an influx of new residents to an area that already has an overcrowded elementary school, recently lost its hospital, and is still smarting over the sale of the nearby library branch for a similar high-rise.

Some also felt they had an ethical obligation to keep the area free from luxury housing and retain the ample open space between buildings. In the ’50s, planning czar Robert Moses originally intended to sell the land for one giant high-end apartment block. But locals fought back, and the city and state eventually used to land to build 75 Henry St. and its neighbors as part of the taxpayer-funded Mitchell-Lama program — below-market-rate housing aimed at middle-class families — which meant residents were able to purchase their properties for a song.

Shareholders at 75 Henry St. opted out of Mitchell-Lama years ago — so it now functions as a standard co-op, with market-rate values — but other nearby buildings remain part of the scheme.

Reach reporter Lauren Gill at lgill@cnglocal.com or by calling (718) 260–2511. Follow her on Twitter @laurenk_gill.
Updated 10:17 pm, July 9, 2018
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Reasonable discourse

BrooklynGersh from The WT says:
What is with these people? Seriously? Economic development is always better than an empty block. A 40-story building is always better than a grimy one-story mall with no light anyway.

What about the future does everyone fear? Have we all become Donald Trump -- afraid of EVERYTHING? This is New York City -- build it big or go home.
Jan. 18, 2016, 10:12 am
Bob Marvin from Prospect Lefferts Gardens says:
Kudos to the co-op shareholders for their good sense and community mindedness!
Jan. 18, 2016, 5:12 pm
Cc says:
It's a no-go for now. But will be a different tune if the developer comes up with the right price.
Jan. 18, 2016, 6:11 pm
Roberto from Brooklyn Heights says:
Imagine turning down a pile of cash? Unthinkable? Saying no to a few hundred grand in some cases for the sake of not offending thousands of neighbors who ascertained that the community's essential infrastructure - sewage, electricity, parking, medical services, school seats, subway service - is inadequate and already strained to the seams and would be further taxed with the addition of yet another luxury tower whose height was not restricted by zoning. In downtown Brooklyn as well as countless other parts of the city, "development" is being done with little thought to planning. This change also brings endless construction noise and pollution. "Development" too often surgically removes small shops and characteristics that are really the heart of communities and replaces them with corporate brands like Starbucks, CVS, Panera that are alien and faceless. This is the reason that many Brooklyn residents see "development" as an encroachment by predatory real estate interests that push up rents and kick commoners out. That is the reason why shareholders at 75 Henry turned down Anbau Enterprise's offer. Amazing.
Jan. 18, 2016, 7:45 pm
sami kabir from downtown says:
I wish other property owners in Brooklyn would display such resolve and concern for their neighborhoods. Congratulations to 75 Henry Street!
Jan. 19, 2016, 4:33 am
hb from park slope says:
Maybe the world IS changing. This is a heartening story. Preserving the neighborhood character and preventing overcrowding, etc is worth more than a one time payoff. The apartments will likely increase in value in those amounts over time precisely BECAUSE the tenants refused to sell out to overdevelopment and homogenization. Kudos!
Jan. 19, 2016, 7:30 am
marsharimler from brooklyn heights says:
This is put on hold for now but I am sure it will come back to haunt us. Th shareholders @75 Henry did the right thing to halt the runaway overdevelopment around us. Now it is time to halt the library tower.
There will be a borough board vote 2/2 . New information challenging the BPL will become public this week. Call Levin, tell him he made a big mistake on the library. If the library tower goes up. the td bank building tower goes up and the pineapple walk tower will follow,
Jan. 19, 2016, 9:20 am
Ted from Ft Greene says:
Why don't BrooklynGersh and marsharimler just get a room? Neither of them are funny, and I'm assuming they both think they're being satirical...
Jan. 19, 2016, 12:16 pm
JUSTINE SWARTZ from Brooklyn Heights says:
Cadman Plaza Library is being sold off for the piddling amount of $52 million.
Jan. 20, 2016, 5:55 pm
Schmerch says:
Shut up, Gersh. Nobody cares about your little aging hipster, neoliberal mindset.
Jan. 21, 2016, 5:22 pm
RP from Cadman Plaza says:
By rejecting the $130 million offer, existing dwellings going forward will climb dramatically in value.

Scarcity in location dictates value. The rest is noise.
Jan. 29, 2016, 11:04 pm

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