Permanent Records closing due to the over-inflated rent crisis that’s pummeling New York

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We just lost Lulu’s and Brooklyn Ale House is closing soon. Now this!

The main reason for the record store’s closing has nothing to do with being analog in a digital world, unfortunately it has to do with Real Estate. Like many businesses in Greenpoint, Permanent Records has fallen victim to an over-inflated, hyper-speculative, bullish market where astronomical rents and lost leases are becoming the norm. Cool folks like Permanent Records, who found love in Greenpoint, are now priced out of the neighborhood that once welcomed them with open arms.

“Permanent Records will close the Franklin St. location not because we’re not doing well, but simply because we’ve lost our lease. None of you reading this will be shocked to hear that after months of looking for an affordable suitable store front, we’re now priced out of the neighborhood we helped to shape. It’s an all too common story in the NYC retail / small business landscape.”

Diesel is the next big chain coming to Williamsburg

Credit: Heller Organization via Brownstoner

Credit: Heller Organization via Brownstoner

And it continues…

Diesel is coming to Williamsburg and plans to open a concept shop sometime this month. The speciality retailer signed a lease at one of the new buildings near McCarren Park, the Karl Fischer-designed 101 Bedford, real estate firm Heller Organization announced. “The brand really resonates with people who live and shop in this part of the neighborhood,” said an exec with Heller in a prepared statement. The asking rent was $175 a square foot. Urban Outfitters was the first chain to open a concept shop in the neighborhood when it opened earlier this year.

Spike Hill, Tai Thai, Pinkyotto and Bedford Ave deli may get torn down by highest bidder

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Because we absolutely would prefer a Zara or Banana Republic showroom in Williamsburg! From Crain’s:

In a harbinger of major change in the area near the L-train stop in the heart of Williamsburg, two prime Bedford Avenue development sites recently hit the market there. The first site at 184-186 Bedford Ave. between North Sixth and North Seventh streets is home to bar and live-music venue Spike Hill Music. It carries an asking price of $19.5 million. Meanwhile, just a block south at 204-206 Bedford Ave.—in a site that a Thai restaurant, a deli and a women’s clothing store call home—a “For Sale” sign has also appeared. There the asking price comes to a tidy $23 million.

Both properties sit a block from the Bedford stop on the L train. Due to their unusually wide frontage on Williamsburg’s main shopping drag, both carry the potential for a developer to tear down the buildings and rebuilt with a focus on retail. [Read more...]

David Walentas Is A Psychopath

credit: NY Mag

credit: NY Mag

If you haven’t already read New York Magazine’s profile of David and Jed Walentas, the father and son duo who plan to do to Domino what they did to DUMBO, you should.

[Read more...]

No, The Average Resident of Williamsburg Is Not Rich

Yesterday, Matt Buchanan of The Awl wrote,

Whether the Williamsburg you know ended with Diner in 1998-1999 or Marlow & Sons in 2004 or the Wythe Hotel in 2012 (or whichever milestone you prefer!), the average human living in Williamsburg is now, officially, a rich person—and a young one, at that.

Buchanan bases his post on a June 12 article from The Wall Street Journal (which, incidentally, referenced a post of ours).

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Another Williamsburg institution is closing

Verb Cafe (credit: Timeout)

Verb Cafe (credit: Timeout)

This time, it’s The Verb and — you guessed it — its due to a rent hike. In the late 90s, we remember seeing Nick Zinner and Brian Chase of the Yeah Yeah Yeahs there while getting served coffee by TV on the Radio’s Kyp Malone. Ah, the end of an era (again):

Verb is closing at the end of the month. “The landlord wants us to pay 70% more rent than what we’re paying,” a heavily tattooed Verb employee told us with a weary air of resignation. No one seems to know what’s going to replace it, but the employee said a designer jean boutique was opening in the mini-mall next door, and speculated that the landlord simply intended to “gouge some naive entrepreneurs for their life savings, and they’ll close in a year and a half.” A call placed to Verb’s landlord has not been returned.

J.Crew, Apple stores likely coming to Williamsburg

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Last week, we reported that luxury condos will soon usurp the tumbledown je ne sais quos of Wythe Ave. from South Williamsburg all the way up to Greenpoint. Today we learned from Crain’s where the future residents of those condos will buy their flat-front khakis for $75: J.Crew. Full disclosure: I like J.Crew’s khakis, but I would not pay $75 for them. Maybe like $25 if they were on sale.

Crain’s also told us that Apple plans to open a store in Williamsburg. Great news if you don’t want to trek to one of the four Manhattan locations to get your $800 phone built by slave laborers fixed because INSTAGRAM ISN’T WORKING.

Williamsburg to become Murray Hill, then Upper East Side

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Yesterday, we learned that Wythe Ave. will soon become a playground for the rich and boring. Today, thanks to a report by Ideal Properties Group, we know that they will soon own all of north Brooklyn.

From the report:

If you have purchased a property in Brownstone Brooklyn in 1Q 2014, you are most likely to be a 31 to 40-year-old male, member of a two-person household, who has already been living in a property you owned in Brooklyn prior to purchasing in order to upgrade your living situation.

You have most likely purchased your property without seeking a loan, and you have most likely looked at properties in Park Slope, Brooklyn Heights, Carroll Gardens, Cobble Hill, Prospect Heights, Fort Greene or Williamsburg prior to purchasing.

Your salary is most likely between $100,000 and $199,999 per year, and you are most likely working in accounting, finance, sales, legal or marketing fields. You are most likely not self-employed.

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