Slippery Slope: Two Down on 7th Ave.
The big news in Slopeland today is that Tea Lounge is closing its location on 7th Avenue. The coffeehouse is calling it quits because its landlord wants to double its rent, according to a story in the Brooklyn Paper. Tea Lounge opened on 7th Ave. and 10th Street in 2001. The business isn’t the only…
The big news in Slopeland today is that Tea Lounge is closing its location on 7th Avenue. The coffeehouse is calling it quits because its landlord wants to double its rent, according to a story in the Brooklyn Paper. Tea Lounge opened on 7th Ave. and 10th Street in 2001. The business isn’t the only one saying sayanora to the South Slope: five blocks down, the crafts store Greenjeans is also clearing out. According to a post on the shop’s blog, the sustainable-wares store is “in the process of looking for a new location that will provide us with more space, more foot traffic, and greater accessibility.” Greenjeans has occupied a storefront on 7th Avenue between 15th and 16th streets for a little over three years, and it’s going to keep selling stuff through its website and at the Flea until it finds a new bricks-and-mortar location.
Tea Lounge to close in July! [Brooklyn Paper]
Greenjeans is Moving [Greenjeans]
Photo of Tea Lounge from Tea Muse.
What “Brooklynnative at May 23, 2008 1:45 PM” posted is right.
I simply don’t understand rent hikes for retail nowadays in the current market. Since the whole mortgage mess was based on lending money to people who couldn’t pay, where is the magical money that to fill these inflated rates come from?
Soon enough—I say Spring 2009—you’ll start seeing more and more people moving and related yard sales, stoop sales and such.
And while realtors will still try to squeeze as much as possible out of their portfolio, at some point they are going to have to realize the waiting game only hurts them.
Also, anyone charging high rents for foot-traffic based retail in the South Slope is nuts. There’s no natural traffic flow outside of businesses that cater directly to the neighborhood.
Which is why forcing Tea Lounge out is nuts. Nobody comes from another neighborhood specifically to go to Tea Lounge. A neighborhood resource with a steady income stream is more desirable than a Pinkberry that can pay high rents but might move.
1:53 I have a store on 5th. I made the mistake of giving a very long lease. It will expire next year and I don’t have any idea what to expect once its expired. The current tenant is doing well out of the location and is very interested in re-newing the lease, but made it very clear that he can’t afford the current market rate.
I don’t think that craigslist would be the best place to advertise the location. Its great for apartments, but I don’t believe many potential commercial renters look there. As expensive as it is, I think the best way is to place an ad in NY times.
How long did it take you to rent the place? Did you start looking before the first tenant finished there lease?
no bk native
the prices will never come down in park slope because it is a kid friendly utopia
everyone has 20k a month to pay a mortgage silly goose
What’s parco?
I have a store near 7th Ave. that I rented. My efforts went through 3 different RE brokers. I was quite surprised how few potential clients each brought in. I also showed the place some myself via Craig’s lost and thought those potential tenants seemed quite unseasoned and undercapitalized. I was also surprised that noone tried to bargain with me for price and noone seemed to be thinking about much in the way of renovations.
Other landlords, what’s your take on the best realtors to use? Any suggestions for tie ins to national accounts?
Before anyone blames the landlord, ask yourself why the owner of the tea lounge refused to reveal the dollar figure!
I am certainly not crying for the owner of the tea lounge! he has other locations and is a millioner a couple of times over.
So, Chase is laying off hundreds of executives. Yesterday I forgot my ID at work, it’s a Chase building, the guy in front of me had a Bear Stearns ID, as soon as he left, the security guards starting bitching about how there are going to be four thousand job cuts at Chase to make room for new Bear people. How many live in Brownstone Brooklyn?
It will still take time for these job loses to hit, but the gig is up. The banks and brokerages will offer nice severence packages, the apartments and townhouses won’t be put on the market for some time, but within about 6 months you’ll start to see a big influx of supply. Although has anyone noticed there are already something like 4 or 5 primo townhouses on third in the Slope for sale? Check Streeteasy.
Demand will be way down with the job cuts and considerably fewer hires. It takes a long time for the real estate market to get hit and we’re just in the first or second inning here, but it’s a coming. Right What?
parco
cocoa bar
naidre’s
cafe 11 (oops, closed)
chocolate girl (soon to serve coffee)
cousin johns bakery
starbucks
“this corner will sit vacant for a year.
mark my words.”
Fast forward to May 2009. I can see it now, “guest 128#2 TOLD us all this would happen!” It would be a little easier to mark your words if you signed in. It’s kinda tough to hold guests accountable for their statements or predictions.
Starbucks,
Ozzie’s
Cousin John’s
Ct. Muffin
That chocolate place
Sweet Melissa’s