This is the end of Williamsburg (part 2394827639484692374)

radegast

[Drinking Brooklyn]

If it wasn’t re-zoning, American Apparel, The Edge, Monster Island, Duane Reade, Whole Foods, 285 Kent, Dunkin Donuts, “Space Ninety-Eight,” Death By Audio or that Apple Store that is probably opening, then THIS is surely the end of Williamsburg:

A rumored real estate deal could cause trouble for some of Williamsburg’s most successful eateries, meaning not even the neighborhood’s bougie gentrifiers are safe from…the effects of gentrification. A possible $100 million deal to purchase several properties on North 3rd Street has been dished to the Real Deal, which reports that Waterbridge Capital could pay around $1,000 per square foot for the space at 103-119 North 3rd Street. Current tenants of said properties include beer hall Radegast, brunch dominator Egg, Mexican spot Viva Toro and hirsute chocolatiers Mast Brothers.

The deal gives Waterbridge about 110,000 total buildable square feet, including more than 50,000 square feet of residential space with 41 rental units that are ripe for repositioning, sources said. The properties generate about $4 million in annual income, a source said. [The] businesses are likely paying below-market rents, and will be repositioned over time.For its part, Radegast doesn’t see itself going anywhere, with the owner telling us he had four and a half more years on his 12-year lease plus an option for 10 more years after that. He hadn’t been approached by anyone about the sale of the building, but said he “knew what he had” and would negotiate with his current landlord, Olga Sosa of Berry Enterprises Uses, LLC. We reached out to Egg and Mast Bros. and we’ll update if we hear back.

These properties are just a stone’s throw from 76 North 4th Street, the site of Williamsburg’s rumored Shake Shack. At the time, a Radegast worker told us he heard that “Marshall’s and TJ Maxx’s [were] going in and subterranean parking lots,” and that given the “state of Williamsburg” he wouldn’t be surprised if the rumors were true. Whether these businesses will be ousted and replaced with gleaming new condos or some other monstrosity remains to be seen. At least whatever moves in will probably go well with Whole Foods.

[Gothamist]

Whatever.

Here’s the ‘Judgmental Map of Williamsburg’

Judgmental Map of WilliamsburgThe latest in Will Nunziata‘s Judgmental Maps series features a judgmental map of Williamsburg. The map has everything the bros of the North 12th area to the ‘Average Diner’ (Kellogg’s) on Union and Metropolitan. Fairly accurate?

- @joshmorrissey

Colony 1209: tone deaf condo in Bushwick looking for “settlers” to colonize “new frontier”

the-colony

Given all the displacement happening in New York’s most rapidly gentrifying neighborhood, you’d think developers and the PR companies would show a little more tact:

Here in bohemian Bushwick, Brooklyn, you’ll find a group of like-minded settlers, mixing the customs of their original homeland with those of one of NYC’s most historic neighborhoods to create art, community, and a new lifestyle.

Like-minded settlers? Mixing the customs of their original homeland? A colony? Gross.

The Awl is appropriately perturbed too:

According to the website of aptsandlofts.com, the brokerage firm renting units at Colony 1209, only fourteen units remain available in Colony 1209. The rest are occupied by renters settling what the luxury building’s website calls “Brooklyn’s new frontier.” That “new frontier” is “bohemian Bushwick, a vibrant industrial setting reimagined through artful eyes.” The area—where there are just as many empty lots overgrown with weeds and buildings with boarded-up windows as there are tree-lined streets, Puerto Rican flags, and yards with colorful lawn ornaments—might unnerve some potential settlers if Colony 1209′s website didn’t reassure them, “we already surveyed the territory for you.”… [Read more...]

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

204-206

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).

[Read more...]