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Posts Tagged ‘commercial real estate’

Visiting Use-ta-ville

In aging, business, cities, culture, design, life, Style, travel, urban life on December 13, 2014 at 1:56 pm

By Caitlin Kelly

Use-ta-ville…The place you go back to that’s now gone.

“It used to be…”

We’ve all got them, the places where we once lived or attended school or loved visiting or eating in or shopping at. As life changes, sometimes at a dizzying pace, it can be comforting to re-visit these spots. Many are filled with memories — great dates, a proposal, a graduation, a terrific meal — and the physical place becomes a touchstone.

One of the most-loved indie bookstores in Manhattan, Posman Books, is closing its Grand Central location on New Year’s Eve — to make room for (what else?) some costly new building. So annoying!

It’s been such a lovely respite, while awaiting a train or a friend, to browse its well-edited selection of books and cards. I’ve made some great discoveries on its front tables over the years, and was thrilled when my own book, “Malled: My Unintentional Career in Retail” briefly ended up in their front windows.

I grew up in Toronto, a sprawling city of 3 million people, and moved to New York a long time ago, but I still go back once or twice a year to see old friends and to enjoy places I’ve been visiting for decades.

Gone! One of my favorite antiques/vintage clothing shops in NYC

Gone! One of my favorite antiques/vintage clothing shops in NYC

Like Courage My Love, one of the city’s best vintage clothing shops and The Papery, a great little stationery store I once sold my home-made envelopes to when I was in high school, and — for many years — a beloved cafe called The Coffee Mill, which served strudel and espresso and schnitzel on its lovely outdoor terrace and cosy interior.

It closed in September 2014, after 50 years in business, back in the day when those kinds of foods were exotic to white-bread WASPy Toronto.

We also lost a favorite restaurant on Queen Street, Prague Deli, who had renovated it into an even more welcoming spot, a perfect refuge on a bitterly cold winter’s afternoon. Gone.

Toronto also recently lost the 65-year nightclub, the El Mocambo, where the Rolling Stones once played.

I often go back to my high school, Leaside High School, to talk to the students about what it’s like to make a living as a writer. It’s very odd, but also oddly comforting, to walk those terrazo-ed hallways once more. It looks exactly the same!

Every city, especially when there are millions or billions to be made flipping and developing commercial real estate, loses bits of its past, and we stand by helplessly mourning all those lost memories.

One of my favorite Manhattan cafes, Cafe Angelique on Grove Street in the West Village, disappeared overnight in the fall of 2014 when the landlord demanded $45,000/month in rent — for 1,000 square feet. My lasting memory of it now was a lunch I had there with a fellow journalist I’d long admired and listened to on American Public Media’s business show, Marketplace.

Now its gutted space is one more about-to-be-gentrified spot filled with a mega-brand.

Soul?

Fuhgeddaboudit!

One of the most poignant of these moments happened for me early in my courtship by Jose, my husband, who grew up in Sante Fe, New Mexico. His father was the pastor of a small Baptist church and they lived in church housing — all of which was torn down and replaced by the Georgia O’Keefe Museum.

So we stood admiring one of her legendary paintings as Jose said, wistfully, “This used to be my bedroom.”

All that’s left of his childhood home is a small courtyard with an apricot tree, whose fruit his mother used to make into jam.

Is there a place like this from your past you (still) miss?

Still there, since 1927, the Monte Vista Hotel in Flagstaff, Arizona

Still there, since 1927, the Monte Vista Hotel in Flagstaff, Arizona

Nightclub, Condos And A Bowling Alley Planned For Ex-NYT Building, While Readers' Digest Campus Seeks Tenants

In business, Media on December 29, 2009 at 8:34 am
The New York Times

Image by Joe Shlabotnik via Flickr

It’s hard for any journalist who’s ever worked there, or visited its offices, to imagine The New York Times’ former building,  at 229 West 43d Street, becoming just one more Manhattan midtown property under development  by a foreign investor. Long-time employees remember the daily tremors as the presses started rolling, and the truck bays are still there, ready to deliver papers now printed elsewhere. The lobby, entered by a small revolving door, was surprisingly small, even cramped, with a house phone you used — as in the new building — to call whomever you were there to see.

The new building, which is gorgeous if comparatively soul-less, even with its turmeric and cayenne-colored walls and its spectacular cafeteria, just feels like one more tower.

Israeli billionaire Lev Leviev, who paid $525 million for the premises in 2007, plans to turn the old 15-story building into condos, shops, seven restaurants and a high-end hotel, the paper reports:

“The strongest thing going for the property is its location and the continued vibrancy of Times Square as a tourist center and a magnet for visitors,” said Richard A. Marin, chief executive of Africa-Israel USA, Mr. Leviev’s American real estate company. The new plan, he said, “will allow us to create the most value and make the greatest contribution to the Times Square neighborhood.”

It is anyone’s guess whether this plan will work any better than the last one, given the soft condo market, competing bowling alleys in the Times Square area and falling hotel rates. But there is no better place for a radical reinvention than Times Square, where peep shows, T-shirt shops and prostitutes have given way to Bubba Gump, the Hard Rock Cafe, theaters, French cosmetics shops, bankers and millions of tourists.

“Times Square has a special kind of alchemy that’ll make your head spin,” said Tim Tompkins, president of the Times Square Alliance, a business group. “Sleazy becomes sexy, a bank becomes a theater, decaying landmarks become multiplexes or luxury condos, and a gritty newsroom and printing plant become a boutique hotel. The only thing you know is that you don’t know what’s next.”

Mr. Leviev, a diamond magnate who travels with a coterie of bodyguards, had been having trouble paying the $711 million in loans he had piled onto the former Times building, which the newspaper occupied for nearly a century before selling it to move to a new tower on Eighth Avenue in 2007. Mr. Leviev was so intrigued with New York real estate, brokers said, that he did not even tour the building before he bought it.

Reader’s Digest, whose palatial 700,000 square foot building in Pleasantville, a suburban town about 30 miles north of New York City, will be leaving its iconic building next summer, after 71 years there. In the current, lousy economy, the owner of the 116-acre property, SG Chappaqua, is having a tough time finding tenants thanks to restrictive zoning laws demanding each one take huge spaces, one at least 200,000 square feet.

It, too, was a place of history and presence, the walls hung with Impressionist paintings, a hushed 1950s elegance evident the minute you stepped in the door.

The county office market has been hit hard once again by an economic downturn. The volume of commercial transactions in Westchester is down, to about 900,000 square feet at the end of the third quarter of this year, from 1.6 million square feet for the same period a year ago, according to numbers tallied by CB Richard Ellis.

The vacancy rate countywide increased to 17 percent in the third quarter, from 16 percent at the end of the period a year ago.

Separately, when SG Chappaqua acquired the property, it also proposed building about 220 luxury condominiums and town houses and 56 middle-income housing units on the Reader’s Digest campus. That application is wending its way through the approval process and a decision is expected sometime in the next year.

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