501 2nd Street for sale
If you're looking for an easy way to dispose of that $5.75 million lotto winning, perhaps you'd be interested in 501 2nd Street? You know the building: across the street from PS321 and the Second Street Cafe, it's a handyman's special with a prime Seventh Ave ground floor retail space that's been vacant for years.
Just don't fire up those grand plans... the building (sans the top-floor duplex apartment) is already "100% triple net leased to one tenant."
Just don't fire up those grand plans... the building (sans the top-floor duplex apartment) is already "100% triple net leased to one tenant."
Comments
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Subject: Re: 501 2nd Street for sale
8thandPrez wrote:
What does that mean? And who is the one tenant? I went to that bar that used to be on the ground floor sometime in the late '80s I think . . . but I don't remember seeing it open anytime in the last ten years at least.
Just don't fire up those grand plans... the building (sans the top-floor duplex apartment) is already "100% triple net leased to one tenant." -
Subject: Re: 501 2nd Street for sale
Rose wrote: [quote=8thandPrez]
What does that mean? And who is the one tenant? I went to that bar that used to be on the ground floor sometime in the late '80s I think . . . but I don't remember seeing it open anytime in the last ten years at least.
Just don't fire up those grand plans... the building (sans the top-floor duplex apartment) is already "100% triple net leased to one tenant."
We have been offering her (the owner) to buy her place for over 10 years now. Every time we agree on a price she backs out. there are a ton of liens on the biulding and talking to her is a waste of time. It is a shame, it's a great biulding. -
She's got a veritable catalog of violations:
Description of Violation:
09/20/2005
FAILURE TO MAINTAIN EXTERIOR BUILDING WALL. DEFECT NOTED: WINDOW SILLS
AT 2ND FL TO 4TH FLOOR HAVE EXCESSIVE SPALLING OF BROWNSTONE. M. SILLS
ARE AT 7TH AVE SIDE AND ALSO AT 2ND STREET. REMEDY: MAKE SAFE/ MAKE
10/09/2003
FAILURE TO MAINTAIN DEFECT NOTED BROKEN MISSING LOOSE WINDOW GLASS AND
SASHES AT 5TH FLOOR SOUTH ELEVATION CASING A DANGER TO PASSERBY MAKE S
AFE.REMEDY:MAKE ALL REPAIRS/PROVIDE SIDEWALK SHED.
2/01/2002
FAILURE TO MAINTAIN BUILDING. THIS BUILDING IS IN DISREPAIR THE SKYLIG
HTS ARE BROKEN AND MISSING, THE WINDOWS ON THE SECOND TO FIFTH FLOORS
CLASS ARE BROKEN AND IS IN DANGER OF FALLING TO THE SIDEWALK, ENDANGER
2/25/2002
FAILURE TO MAINTAIN EXTERIOR BUILDING WALL HAZARDOUS DEFECTS ARE AT 4
AND 5 STORIES SOUTH AND S/W SIDE OF BUILDING ARE BROKEN WINDOW FRAMES
AND CLASS. AT 1 AND 2 STORIES SOUTH ARE BROKEN WINDOW CLASS APPROX. 1/
3/10/2004
FAILURE TO MAINTAIN BUILDINGS. NOTED DEFECTS. WINDOWS ARE BROKEN, ROTT
ED AND DEFECTIVE PIECE OF GLASS FROM WINDOW FELL ONTO SIDEWALK. REMEDY
; REPARI, REPLACE MAKE SAFE, ALL WINDOWS IN BUILDING OR SEAL UP WINDOW
11/22/2004
FAILURE TO MAINTAIN BLDG DEFECT NOTED:BROKEN,MISSING,LOOSE DEFECTIVE W
INDOW GLASS AND SASHES. NOTED LOCATIONS:FACADE 1)SOUTH AT 5TH FLOOR AB
OVE PUBLIC SIDEWALK.REMEDY:MAKE SAFE REPAIR OR REPLACE
And that doesn't include the yearly Boiler violations dating back to 1990! -
I've seen parts of the interior. Gut job. But you can tell that by looking at the exterior.
I used to drink there now and then when I first moved to the 'hood and there weren't a lot of places. The owner was charming, as were her two daughters (?). But I could see how she might be tough to deal with when it comes to the building. -
Subject: Memories
Of drinking at the Landmark Cafe. And drinking.
I don't believe the ground floor has been open for a decade or more.
To make that building whole would have to be a total gut job.
But due to its location, the top floor views must be stunning looking west. -
Landmark was open at least 1 time since May of 96 which is when I moved here. I've been wondering about that building for years but I assumed that that woman was dead and the building was just tied up in legal nonsense. I can't believe anyone has been living there all this time. Oy!
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Subject: Re: 501 2nd Street for sale
Rose wrote: What does that mean? And who is the one tenant? I went to that bar that used to be on the ground floor sometime in the late '80s I think . . . but I don't remember seeing it open anytime in the last ten years at least.
"100% triple-net leased" means that a single tenant has leased the building and is responsible for everything, including maintenance, repair, equipment, etc. Most retail establishments are triple-net leased, which allows them to gut interior spaces and refit to suit their needs. -
Subject: Re: 501 2nd Street for sale
I don't get it.
Does the owner
(or her daughters) currently live in the building? Is it her home? -
Subject: Re: 501 2nd Street for sale
raw wrote: I don't get it.
Daughters Esther and Rachel do not live in the building anymore. But you can find them on reruns of MetroTV's Single in the Hamptons.
Does the owner
(or her daughters) currently live in the building? Is it her home? -
Subject: Re: 501 2nd Street for sale
raw wrote: I don't get it.
According to a friend who's lived in PS for many years, the owner lives about a block away, on Second Street, and frequently has random, trashy belongings lying around in front of her place, sort of looking as though they've just oozed out of her apt.
Does the owner
(or her daughters) currently live in the building? Is it her home? -
Subject: Re: 501 2nd Street for sale
wlevin wrote: [quote=raw]I don't get it.
Daughters Esther and Rachel do not live in the building anymore. But you can find them on reruns of MetroTV's Single in the Hamptons.
Does the owner
(or her daughters) currently live in the building? Is it her home?
Dude, I like Esther and Rachel, but there's no way I'm subjecting myself to that show. -
Subject: Re: 501 2nd Street for sale
wlevin wrote: Daughters Esther and Rachel do not live in the building anymore. But you can find them on reruns of MetroTV's Single in the Hamptons.
It's like a 21st century Grey Gardens! -
Subject: Re: 501 2nd Street for sale
Anonymous wrote: [quote=raw]I don't get it.
According to a friend who's lived in PS for many years, the owner lives about a block away, on Second Street, and frequently has random, trashy belongings lying around in front of her place, sort of looking as though they've just oozed out of her apt.
Does the owner
(or her daughters) currently live in the building? Is it her home?
That does not shock me that pretty much describes my memory of Landmark. -
totally went to school with the younger one...or the older one..
not sure..their mom was so cute...
dude, i'd help them clean up that building..its awesome..and you can see from outside that part of the roof is missing....
what a great place...
i remember the kids toys strewn across the bar...ahh...they should never sell..and those two girls should fix it up already...
what exactly do they do/ their sitting on a great project... -
according to propertyshark.com
norma vigo has a mortgage for 1 milllion on that building. cheap.
so 5 million seems like alot... -
$5.75 million. It seems like a WHOLE lot, especially given that DOB's violation reports seem to indicate that there's a fair amount of facade work that needs to be done. I can only imagine what it looks like inside.
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When someone whether owner or tenant is so obviously crazy like that, and a building is becoming a hazard (hello, fire) the city needs to seize it. I just love how NYC can seize an entire neighborhood to build a sports arena, but can't or won't seize a lunatic's building she's allowing to crumble and become an eyesore. What am I not understanding here? Is it really so hard for a city to end a situation like this?
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Subject: Re: 501 2nd Street for sale
wlevin wrote: [quote=raw]I don't get it.
Daughters Esther and Rachel do not live in the building anymore. But you can find them on reruns of MetroTV's Single in the Hamptons.
Does the owner
(or her daughters) currently live in the building? Is it her home?
wow, they're good looking
I didn't expect that
that building has always fascinated me
and hearing second hand accounts of what it was like
it's almost a mystical place in my mind
now knowing that they are the daughters of the owner just amplifies that fascination
although there is no way I'm watching that show -
i always too thought the landlord was dead and relatives were fighting over for that thing lol. damn i wouldnt mind a date with those two daughters though
. hot. -
armchair_warrior wrote: i always too thought the landlord was dead and relatives were fighting over for that thing lol. damn i wouldnt mind a date with those two daughters though
you'd just better hope they didn't inherit the crazy gene.. hot.
i brunched at the 2nd St Cafe this weekend and spent the whole time staring at that poor, busted-up old building and thinking of what I could do with it (sans the 100% triple net leased crazy tenant). -
anonny wrote: according to propertyshark.com
I don't know what this building is worth, but I do know that the amount of a mortgage outstanding on a property has NO RELATIONSHIP to the value. What if they paid mostly in cash or did a cash out refinance?
norma vigo has a mortgage for 1 milllion on that building. cheap.
so 5 million seems like alot... -
8thandPrez wrote: [quote=armchair_warrior]i always too thought the landlord was dead and relatives were fighting over for that thing lol. damn i wouldnt mind a date with those two daughters though
you'd just better hope they didn't inherit the crazy gene.. hot.
i brunched at the 2nd St Cafe this weekend and spent the whole time staring at that poor, busted-up old building and thinking of what I could do with it (sans the 100% triple net leased crazy tenant).
the hotness negates the craziness. till they put a axe on your back :P. -
Subject: Landmark Memories
When I first moved to the Slope in 1997, the Landmark bar was still opened--and the owner and her two daughters "bartended" although to my recollection they just served beers out of a cooler chest. It was a funky weird place (and a firetrap) with old furniture and FisherPrice toys strewn about. The clientele banged spoons on coffee cans when they had musical guests. I remember they once had a pretty good torch singing singer, backed up by a good band-and being annoyed that people were ruining the music by clinking on the coffe cans. But they all seemed nice, and I recall exchanging smiles with them when I passed them on the street. I also recall that they had a vintage clothing shop and a small real estate agency of their own. -
Subject: the ironhorse bar...
my friend told me it used to have a bar called the Ironhorse in maybe the 80's that had great music (performances, rock acts).
I was once out with a realtor (looking unfortunately for an apartment) and we were discussing it and he noted how there are still curtains on windows and the stores look like they were never cleaned out. the whole place looks like people just had to leave one day without taking their belongings. what's that about?
it'd be great to find someone who used to live there and get a story on it.
is there a backyard?
part of me in real estate crazy nyc *likes* that it's just sitting there. it has a certain charm to it. who knows what it would be remade to look like...?
I don't understand the tenant thing. There's no one living there now. All these kooky conditions on the place...
the owner does have a building on 2nd Street but I don't think that's where she lives. once a water pipe burst there or something and the fire department came and someone told me that building is just used for storage. for some reason, I think I saw her outside Union Street one day and I think she may live there (unless she has *another* property on 2nd Street that I'm not aware of).
cat. -
Subject: Funny
That within a block there are two primo location properties just sitting there. The Landmark Cafe building at 7th Avenue & 2nd Street ... and
next to the old Mojo Cafe at the corner of 7th Ave & 3rd St sits an abandoned, dangerous brownstone. Tied up in family lunacy as well.
Two hazards ... waiting for somebody or something with sense. -
Subject: Re: Funny
dw438 wrote: That within a block there are two primo location properties just sitting there. The Landmark Cafe building at 7th Avenue & 2nd Street ... and
I would guess that the reason the two buildings have sat is such condition is that people with sense understand that they're a bad deal. Too much money, too many contigencies, too little upside.
next to the old Mojo Cafe at the corner of 7th Ave & 3rd St sits an abandoned, dangerous brownstone. Tied up in family lunacy as well.
Two hazards ... waiting for somebody or something with sense. -
Subject: Re: Funny
8thandPrez wrote: [quote=dw438]That within a block there are two primo location properties just sitting there. The Landmark Cafe building at 7th Avenue & 2nd Street ... and
I would guess that the reason the two buildings have sat is such condition is that people with sense understand that they're a bad deal. Too much money, too many contigencies, too little upside.
next to the old Mojo Cafe at the corner of 7th Ave & 3rd St sits an abandoned, dangerous brownstone. Tied up in family lunacy as well.
Two hazards ... waiting for somebody or something with sense.
I agree. Given the state of that building, the lot would probably be worth more without it. Could you even get approval to demolish that thing? -
Subject: no to demolish!
the building itself has such character as opposed to anything 'new' that would be built. it should be saved, in my opinion.
cat. -
I say: tear it down and give it to Ratner.
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Subject: Re: no to demolish!
cat wrote: the building itself has such character as opposed to anything 'new' that would be built. it should be saved, in my opinion.
Then buy it...I'll warn you though, I recently talked to a guy that did some "band-aid" type work in/on the building a while back (10+ years ago) and his professional opinion was that the overall structural integrity of the place was unsatisfactory and likely to deteriorate pretty steadily. If the owner hasn't had some serious work done, I hope the city is on that situation.
cat.
The building is a white elephant - fun to think about fixing up and saving, I suppose, but not likely to be economically feasible. Unfortunately, since the owner doesn't appear seriously willing to sell the joint, by the time it does change hands demolition might be the only option.
This would be my plan:
1) Plow it. It would be cool if I could get a wrecking ball or some dynamite in there, but I doubt it.
2) Build a glorious, shining steel and glass tower 12 stories in height. I would be the sole designer and architect, and the structure would be known as "The Beacon of the Slope"
3)Occupants would be as follows:
Floor One: Old Navy
Floor Two: Combination cell-phone store and realtor
Floor Three: One of those 3 in 1 TacoBell/KFC/Pizza Hut restaurants.
Floor Four: Competing food Coop.
Floors 5-12: High income housing, baby.
Shoot, I gotta talk to the bank....
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