The New Coney Island - Brooklyn's Times Square by the Sea

Monday, May 2, 2016

Sheepshead Bay Condos rumor

Brooklyn Daily excerpt -

Developers are salivating over a strip of restaurants on Emmons Avenue’s waterfront, but property owners say a sale is off the table.

A trio of investors wants to gobble up a swath of the shoreline between E. 27th and E. 29th streets to build condos, the consortium’s surrogate told one unimpressed property owner.

“He tells me these people have $700 million and they’re buying all of Sheepshead Bay,” said Bobby Guarino, whose family collectively owns the building Il Fornetto occupies. “He said they want to buy everything from Il Fornetto to Stella Maris. We ain’t selling.”

The offer is more than a rumor, one area real estate broker said.

“I’m not denying what you’re saying,” said Allan Profeta of Premiere Properties, who refused to comment further citing client confidentiality. “Maybe down the road we’ll talk about it.”

The stretch in question includes three restaurants, a yacht club, a bait shop, and an empty lot — all zoned for residences up to four stories.

A new wave of immigrant developers has been hungrily eyeing that stretch of Emmons Avenue for some time, another insider said.

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