Wednesday, September 12, 2007

Wavering resolve: Brooklyn Eagle reports on Duffield owner selling

On September 10, the Brooklyn Daily Eagle reported that Lewis Greenstein, one of the Duffield owners, wants to sell. This was based on the Brooklyn Paper's article Down on Duffield. On September 8, this blog reported that Greenstein had regained his resolve- see "The fat lady has not yet sung." Here is what the Eagle published in its Real Estate Round-Up:

[Greenstein] has told the Eagle in the past that he expects the city to seize his half of the block later.

“It’s not about money in my pocket,” Greenstein told the Brooklyn Paper. “It’s about economics. I know that eventually the city is going to steal [the building] from me. I want a fair price in the open market.”

And who can blame him? While the city will be offering Chatel “market value” for her home at pre-rezoning rates (the upzoning of her block significantly added value to her property), Massey Knakal Realty has an assemblage of five lots behind him listed for $26 million, and a parking lot on the block listed for $10 million.

Even if the city seizes those lots via eminent domain, the new owners could earn a quick windfall selling the air rights to a handful of developers, a real estate insider explained to the Eagle.

Since the Brooklyn Paper article, Greenstein has stated repeatedly that he is not quitting the fight to protect his home.