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617 Washington (between Dean and Bergen) has decided it has been vacant long enough — Brooklynian

617 Washington (between Dean and Bergen) has decided it has been vacant long enough

whynot_31
whynot_31
edited June 2015 in Crown Heights/Prospect Lefferts Gardens
image

I don't have a vested interested in this space, but will note that this is one of the largest raw restaurant spaces to come on the market west of Nostrand in a while.

http://www.loopnet.com/Listing/19239366/617-Washington-Ave-Brooklyn-NY/

Total Space Available:
1,000 SF
Rental Rate:
$4 /SF/Month
Property Type:
Retail
Property Sub-type:
Retail (Other)
Building Size:
3,000 SF
Listing ID
19239366
Last Updated
1 day ago


Comments

  • pheightsresident
    pheightsresident
    Can't wait to see what comes of this space! I'm dreaming of a great Vietnamese place, but am not holding my breath. I'm tired of having to travel for a solid bahn mi. 
  • whynot_31
    whynot_31
    edited June 2015
    It is a small enough building that a restaurant may want to purchase the whole thing before it invests.

    ...just because it is presently listed as being for rent, doesn't mean it couldn't become For Sale for the right amount.
  • pheightsresident
    pheightsresident
    edited June 2015
    True. What do you think it would go for? That's a pretty valuable, mixed-use building that I could see fetching at least $1.5-$1.8 million. Unless potential owners (restaurant owners) have a whole lot of cash to burn for a down payment, I'd imagine that the cost of purchase would give many pause. For what its worth, Zillow seems to estimate that one or both of the upstairs units (I'm not sure if there are one or two separate units upstairs or what the Zillow page is referring to ultimately) could be worth about $1.2 million. http://www.zillow.com/homedetails/617-Washington-Ave-Brooklyn-NY-11238/30589594_zpid/
  • whynot_31
    whynot_31
    edited June 2015
    Yes, the operators would have to be as large, organized, experienced and capitalized as Cent'anni.

    ...which purchased its building before building it out.

    Such a play is not for minor players.

  • crownheightster
    crownheightster
    Wow. I did not know that Cent'anni owned the joint. Now THAT is long-range planning.
  • whynot_31
    whynot_31
    edited June 2015
    yup. They purchased it Aug 2012 for 990k.

    http://www.zillow.com/homedetails/742-Franklin-Ave-Brooklyn-NY-11238/30590818_zpid/

    Then, they did a build out which involved the basement, first floor, backyard and renovation of the apartments above.

    Total investment, easily $1.6M

    ....similar players are looking for restaurant properties currently.

  • crownheightster
    crownheightster
    Nice. The rising rents must have really made them feel secure enough to do the beautiful, pricey work they did with the restaurant. 
  • whynot_31
    whynot_31
    no takers on 617 Washington yet.

    http://www.loopnet.com/Listing/19239366/617-Washington-Ave-Brooklyn-NY/

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