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Huge Swath of Historic Brooklyn Heights Block Is Up For Grabs

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After staying open for over 70 years—surviving through many eras of Brooklyn—the only remaining longshoreman's bar on Atlantic Avenue is up for sale. Montero's Bar and Grill, at 73 Atlantic Avenue, has been packaged with six other buildings on the same block in a group sale. The "strike price," at which the six different owners will be obligated by an agreement that they signed to sell their properties, is $56 million for the block, or $7 million per property. If the sale goes through, the buildings would likely be preserved, as they are part of the Brooklyn Heights Historic District. "This could be the next South Street Seaport," one of the building owners opined to the Times.

The decision wasn't an easy one for Pepe Montero, the owner of the bar who, after all, was the only one in his family that wanted to take on the business from his parents. In a New York Times profile of the Monteros and the business, Pepe explains that he was talked into it by the owners of the rest of the block, including his brother, Frank, who owns the building at No. 69. Meanwhile, many longtime patrons expressed doubt that Pepe would ultimately go through with the sale, perhaps oblivious to the strike price agreement.

All offers so far have been far below the line, according to Avi Adiv, a broker with Brick Real Estate who put together the sale, as he knows each of the owners personally. As for the legacy of the local establishment, it wouldn't necessarily be the end of Montero's—Pepe told the Times that he may take the bar elsewhere.

—Wesley Yiin

· Tempting Offer Could Mean End of a Brooklyn Longshoreman's Bar [NYT]
· All Atlantic Avenue coverage [Curbed]