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Developer jacks up offer on controversial Cadman Plaza sale: Report

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They’re raising the stakes to raze the steaks.

The developer that wants to buy the site of Brooklyn Heights’ Park Plaza Restaurant from the neighboring co-op building that owns it and erect a 40-story tower there has dramatically increased its offer — making it even harder for residents to say no to a sale their neighbors vehemently oppose.

Manhattan luxury builder Anbau Enterprises jacked up its offer to residents of 75 Henry St. for the Pineapple Walk property from $75 million to $130 million during a closed meeting on Monday night, according to a Brooklyn Eagle report by a journalist who lives in the building.

Under the original offer, co-op owners were told they would make between $120,000 to $260,000 from the sale, depending on the size of their digs — and townhouse owners would score even more. But the new offer would presumably net residents anywhere from $200,000 to $450,000, based on the 73-percent increase.

But the windfall could come at the cost of longtime friendships — residents of the Cadman Towers co-op on the other side of Pineapple Walk are urging their neighbors to turn down the money, as the new tower would block views from their building and bring a flood of new residents to the area.

The co-op owners have until Friday to vote on whether the building’s board should pursue the deal and consider competing offers — and at least one local real estate expert says they would be crazy not to, as they stand to make even more moolah than the $130 million currently on the table.

“If someone offers you a lot of money, you put it on the market,” said the broker, who asked to remain anonymous. “The only way to do it is to let everybody come in. The first offer may be the best price, but competition is the American way.”

Anbau Enterprises declined to comment.

Reach reporter Lauren Gill at lgill@cnglocal.com or by calling (718) 260–2511.

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Reasonable discourse

Barry from Brooklyn Heights says:
Are the owners crazy? $120,000 is going to get you nowhere in this real estate hysteria. $260,000 won't either. Send Anbau packing, the cheap bastards.
Jan. 13, 2016, 9:17 pm
Righteous Man from Newkirk Plaza says:
Aren't the Cadman Plaza Houses subsidized via Mitchell-Lama? $450,000 for a view, and you still keep your apartment? Boo- hoo.
Jan. 14, 2016, 1:46 am
Jim from Cobble Hill says:
I won't miss the Park Plaza diner. I place very simple orders straight off the menu (no requests, changes, or alterations) and every year for 10 years, they have gotten it wrong. Forget them.
Jan. 14, 2016, 2:45 am
Local from Cadman Plaza says:
All of Brooklyn is being over built. Greed of the developer, and as we all know the developer has a rendering and what the rendering is and what actually happens is never the case in NYC.
Jan. 21, 2016, 11:36 pm

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