The Real Deal New York

A $56M deal could be the end of an iconic longshoreman’s bar

Eight buildings on Atlantic Avenue could be sold for $7 million each
July 28, 2015 09:00AM

A longstanding longshoreman’s watering hole in Brooklyn Heights could close as its owner is looking to sell the property as part of a $56 million deal that would list the entire block.

Pepe Montero, the owner of Montero’s Bar & Grill at 73 Atlantic Avenue, and six of his neighbors are looking to sell their properties for $7 million each, according to the New York Times.

“Everyone else on the block wants to sell, so I said O.K.,” Montero told the newspaper. One neighbor appears to own two plots on the stretch of Atlantic Avenue.

The potential deal means that the bar — which originally opened across the street in 1939 — will close its doors. A new owner could control the full block that spans from the bar to the Brooklyn-Queens Expressway.

The rest of the area is no stranger to new development. Hundreds of new luxury apartments are coming online and Barney’s has opened nearby.

“This could be the next South Street Seaport,” Stuart Venner, the owner of 71 Atlantic Avenue, told the newspaper. Venner bought his property for $1.6 million in 2008. [NYT] — Claire Moses

Correction: Eight buildings are on the market, not seven.