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April 3, 2010
Coop to Purchase Key Food Property on Fifth Avenue
Linehater's Gazette
by Al Dente
The big news in the April 1st edition of the Park Slope Food Coop's Linewaiter's Gazette is that the famous cooperative supermarket is expanding — to the detriment of an infamous real estate developer.
The Coop first heard of the possibility that the property was going on the market last year. It’s a large parcel of land on trendy Fifth Avenue, making it irresistible to real estate developers. In fact, Bruce Ratner, the controversial developer of Atlantic Yards, expressed a serious interest, saying, “I think that it’s important to keep constructing more luxury condominium towers in this part of Brooklyn.” Other developers were interested as well, but Ratner was the most serious contender. He was in negotiations with the mayor’s office about tax breaks for the property when the Coop stepped in and made an offer. Ratner made a counter-offer and a bidding war ensued.
However, Ratner eventually withdrew from negotiations when the mayor’s office refused him eminent domain status for the property, leaving the Coop with the winning bid.
article [PDF]
NoLandGrab: You can't make this stuff up — or maybe you can.
Posted by eric at April 3, 2010 11:54 AM