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July 1, 2008
Closing Time on Smith Street; Redevelopment Comin'
When we posted last week about the Smith Street boutique Flirt closing, we didn't realize that two neighboring shops, Refinery and Area, were also giving up their spaces. The latter two business are relocating to nearby storefronts, but all three needed to vacate because their landlord sold off the buildings in which they're housed. The sale was part of a package that included the lot on the corner of Degraw, and it was being marketed for $3.5 million. The sale hasn't hit public records yet, but a sign on the buildings informs that they're in contract, and a source close to the deal says the portfolio went pretty close to asking. No clues from DOB filings yet about the shape of things to come.
Room for a New Big Box on Smith Street? [Lost City] GMAP
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Comments
3.5 million does not seem like a lot of money for those buildings and that empty lot.
that seems like a steal actually for prime Smith street frontage.
with the addition of these new taller buildings that are and are going to be built on smith....it's really going to ruin that strip.
Posted by: guest at July 1, 2008 10:26 AM
Boy, that seemed very quick from listing to contract.
Hope this moves a bit faster than the next block north (Douglass) which has been demolished and construction fence sitting for eternity and no approved plans yet.
Posted by: guest at July 1, 2008 10:28 AM
REFINERY MUST LIVE ON. Best store in Brooklyn, hand down. If it closes, I'm moving.
Posted by: guest at July 1, 2008 10:30 AM
Refinery must get its props for basically starting the the Smith Street 'retail" revival. Refinery and Patois were the first to venture to smith street and they started a the retail and restaurant trend.
I realize that there were other shops aroud, like Johnnies Bootery (which is now a comic book shop), but this was the first of the new wave.
Posted by: guest at July 1, 2008 10:43 AM
Are there rent regulated or elderly residential tenants in the upper floors? That can delay things considerably. Like forever.
Posted by: guest at July 1, 2008 10:58 AM
From bleh to cool to greedy to chain store bleh. All in a heartbeat A bad tale retold by dozens of streets in NYC. Where have all the flowers gone?
Posted by: LM at July 1, 2008 11:03 AM
That really is not a lot of money at all. Must be because it's downzoned. The seller can't get so much money for it, because a developer can't make as much money per square foot on whatever he builds. Property owners just can't get the same kind of money people can get for parcels in places where it's not downzoned.
Posted by: guest at July 1, 2008 11:23 AM
Never thought I'd see the day in NYC where the small, creative independent business was as endangered a neighborhood species as the struggling artist.
Geez, even going commercial these days isn't enough to save you from the BEAST.
Posted by: WonTon at July 1, 2008 11:32 AM
hello tenants have you been to Brooklyn housing court - don't pack your bags yet, you have plenty of time to stay and delay....same goes for the retail stores.
enjoy your free rent
Posted by: guest at July 1, 2008 1:01 PM
Like many of the corner lots on Smith Street that have been vacant since the construction of the F Line in the 1930s, they are difficult to develop, with complex construction required around the right of way. That has an impact on what can be built and how much it will cost.
As to the lot on Douglas, its not clear the owner knows what he is doing, as every step of the way has been incredibly slow. He also could have run out of $.
Posted by: guest at July 1, 2008 1:04 PM
Refinery and Frida's Closet were the pioneers.
There goes the neighborhood - again!
Posted by: guest at July 1, 2008 4:35 PM
Just exactly what happened to Soho too.
Posted by: guest at July 2, 2008 12:18 AM
Not all the new stores/restaurants are national chains (Jakes Walk, Exit 9, Po, boutique that just went in where Ohio Mills was.) And Rocketship is newer than Amazon Cafe. Just to give some perspective here. And 2 out of 3 are relocating, not closing.
Posted by: guest at July 2, 2008 11:32 AM
WonTon said what I would have said: This is really sad. And in general I'm not liking the loss of small retail spaces across the city. I don't know of any new developments that actually have simple spaces a small startup can use. And the only ones left seem to be in this part of Brooklyn; makes it all sadder.
I think in 10 years the future of small boutiques are floating mini markets like the Brooklyn Indie market combined with online sale. Work at home. Make your goods. Sell them online. And if you're luck and have the time, get a card table and set up shop on the street when you can.
It's like this city is going back to being pushcart merchants.
Posted by: Jack at July 7, 2008 3:59 PM
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