Brooklyn Heights Co-Op Shareholders Vote To Give Thumbs-Down To Proposal To Sell Slice Of Its Property To High-Rise Developer For $130 Million, Leaving 112 Unit Owners Feeling Robbed Of Huge Payout

In New York City, the New York Post reports:

• Residents of a Brooklyn Heights co-op griped [last week] that they were robbed of a huge payout by their fellow shareholders, who turned down a small fortune by refusing sell a nearby slice of land to a developer.
  
  The residents of 75 Henry St. at Cadman Plaza West could have made up to $400,000 apiece by selling property on Pineapple Walk, a pedestrian path now home to a restaurant, pet shop and grocery store.
  
  Instead, the shareholders voted 191-112 not to even consider the $130 million offer from Anbau Enterprises, which wants to build a 40-story tower and shopping complex on the 278,000-square-foot plot.
  
  The decision infuriated some residents.
  
  “That’s not chicken feed,” grumbled Gil Gleit, 84, at a heated meeting before the private vote Friday, when residents slipped pieces of paper reading “yes” or “no” into the building manager’s mailbox on the first floor.
  
  He said it was a solid deal.
  
  “The developer right away was offering $75 million, then they upped it to $130 million. They made the first offer, we had that advantage, and who knows how much more they would have offered?” he told The Post.
  
  Residents stood to gain $150,000 to $400,000 depending on the size of their unit. Town-house owners may have earned more.
  
  “People that voted yes had an open mind, believed the money could keep the co-op financially sound for the future. They had an opportunity to get a lot of money in a tax-efficient manner,” said a source from the building.
  
  Some residents of the 370-unit tower refused the deal because they feared the proposed high-rise would crowd schools and subway stops.
  
  Construction would have blocked sunlight and lowered property values of nearby buildings and changed the character of the historic neighborhood, said resident Bill Closs.
  
  “It’s hard to imagine that greed didn’t win out, but, in our case, we voted no because we didn’t want to put our neighbors through that kind of hell,” he said. “We don’t deserve the money, and we really don’t need it that much. Ethics were a factor for us.”

Source: Co-op owners vote down high-rise — and chance at $130M.