The Iconic Longshoreman's Bar on Atlantic Avenue is now up for grabs for the investors. At present, the iconic bar's owner has been offered with a $56 Million deal.
The news first came out at the New York Times. It says that The Iconic Longshoreman's Bar would have its neon sign be lights out since there is a possibility that the property would be listed real estate market. It is not only the Montero Bar & Grill that is listed for sale but also other real estate commercial properties along the area.
DNA Info reports that Pepe Montero, the owner of the Iconic Longshoreman's Bar, told NY Times that he (along with other neighbors) has signed an agreement to have their commercial properties on sale for $55 million. Though, the agreement has stated that it is for a "tentative sale." The owners of the commercial properties would proceed with the sale granting that they would get the $56 million deal, no less. If offers are below $56 million, the owners could choose to walk away or they may consider "individual offers."
Frank Montero, the brother of Pepe, has his block included on the said listing. Pepe Montero said that everyone in the block wants to sell the property, that's the reason why he signed the agreement.
The Real Deal says that The Iconic Longshoreman's Bar started operating for the public in 1939. The potential deal from any interested investors would mean that it would be the end of the iconic bar. A potential "new owner could control the full block that spans from the bar to the Brooklyn-Queens Expressway."
The neighboring blocks have already been opened to new real estate development. It has been noted that there are already quite a lot of new luxury apartments that are currently being built plus Barney's has opened close by. The Atlantic Avenue and the neighboring area could be the next South Street Seaport. That is based from the opinion of Stuart Venner who owns the 71 Atlantic Avenue and bought that property for $1.6 million in 2008.
Despite the ongoing hunt for the right investor who could give the $56 million in exchange of the whole block of Atlantic Avenue, Pepe Montero said that if ever they all could sell the real estate commercial properties in their block, "I could put the whole bar in a container and just move it," Montero said.
