Curbed PriceChopper: Babs Goes Lower in Red Hook

1.

Red Haiku
Prices jump, all hype
Fairway had them seeing gold;
These days, now just red.

2.

Is that a painted-over Pepsi sign at the bottom?

3.

$67,103 total annual expenses. $5,592 montly.

Current monthly income = $3,350. Annual $40,200.
Projected monthly with retail = $5,150. Annual $61,800. So, negative cash flow either way.

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I know landlords in Harlem who own residential with first floor retail. They don't bother having tenants, that way they don't have to provide building upkeep. Income from retail is $5,000-10,000/m. Income from roof rights to cell phone companies is ~$5,000-10,000/m. Carrying costs ~$2,000-5,000/m. Annual income from dilapidating property >$100,000.

#1 axiom for these guys - positive cash flow.

And they don't concern themselves with using their property as retirement vehicles.

4.

I plan on opening a second boutique within the next two years, I'd rent that in a second if I were ready to do it now. Red Hook has a few more years to grow, and it's very early, but that's part of the fun.

5.

1800 seems cheap compared with the rents on Court or Smith Streets. A swanky florist just open farther south on Van Brunt. Some niche business could fine at that location. Just look at LeNell's. She's doing quite well.

6.

So calling a neighborhood the next hot thing isn't enough to jack up rent by 60%.

This is a strange new world we are living in.

7.

welcome to my world, scott v

8.

Stella-- in advance of your arrival in Brooklyn-- GO FUCK YOURSELF. Why the burning desire to make every neighborhood like every other one? May as well open a goddamn Dunkin' Donuts--

I asked for glazed, cunt!!

If your shithole "boutique" (I'm a Francophile and how I hate that word now) is so "hot," people will travel to it, or you can do mail order.

Leave the rest of the world alone, or tell us who your 'investors' are first.

xoxo,

Laura

9.

I just called about it-- there is NO BOILER IN THE BASEMENT AND NO BATHROOM. $1,800 is crazy for not even 500 square feet of retail space.

10.

Wow, Laura! Nudist? Too much coffee today?

11.

#9 - have you looked at commercial rental prices in places like Williamsburg? 250 sf of space starts at $2500 unless it's on a side street - $1800 for twice that is a steal today

12.

It has a full basement that doesnt flood. It has a sumppump it in just in case. It also has a backyard. I think it's worth it.

13.

If there's no heat, you have to heat it electrically, not a cheap proposition at commercial rates. Building a small bathroom with a toilet and sink in the basement, providing there is plumbing, is not that expensive. In a few years time, when there is actually foot traffic, and not just cars going to and from Fairway, this place will be a very sweet little spot. Right now, it's not worth much {to me},just because of the lack of people {customers!}. A business could set-up there if they also sell online or do wholesale {many do}, and make it through the next couple of very sleepy years. The backyard is a wonderful bonus.

14.

$50 a square foot is just razy, especialy if the tenant has to pay heat.

Places in Park Slope go for $50 a square foot, with far more foot traffic and an established neighborhood base.

I say $25 a square foot is more reasonable. Its going to have to go even lower.

15.

I agree completely, Eryximachus.