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Archive for the tag 'commercial real estate'

Source: lostnewyorkcity.blogspot.com

The Salvation Army has bought the former Cotillion Terrace catering hall at 7309-7321 18th Avenue for $12.75 million, with plans to make it a large retail location.

The two-story building boasts 39,000 square feet, and was recently gutted. The Cotillion Terrace closed sometime in the last decade – we honestly can’t remember when – and reports in the Village Voice indicated that the owners planned to demolish the club to create condos and a smaller venue.

Those plans fell through, and the building has sat empty for several years, a haven for graffiti artists hitting up its boarded up doors.

The Cotillion itself opened up in 1958, but the real star tenant of this building was its predecessor, the Senate Theatre.

The Senate opened in 1926 at a ceremony attended by Mayor James Walker. The venue boasted 1,175 seats, including orchestra and balcony levels, and 1927 saw the installation of a Wurlizter 2 manual 10 rank theatre organ.

As the stage gave way to the screen, the Senate Theatre ran second-run movies until it closed.

Here’s how Forgotten NY‘s webmaster, who visited the theater as a child, remembered it:

It was a fairly spacious house with three blocks of seats seperated by four aisles. The interior was done in light green and white and featured columns and decorative plasterwork throughout the interior. … There was a seperate entrance from the lobby to the orchestra, and the screen was large. The theater also had a domed ceiling…This theater was 10 blocks away from the more opulent Walker and 9 blocks away from the dumpy Colony. it was also close to the little but neat Hollywood and the majestic Oriental. This theater had air conditioning and a sign over the entrance said “cooled by refrigeration”.

Rest in Peace, State and Cotillion. We may never see the likes of large catering halls or theaters in this neighborhood again, but at least we can soon buy some second-hand goods in your hallowed interior.

Photo by Susan Armitage

When John Sandano learned in September that the owners of Maple Lanes were in contract to sell the property the bowling alley sits on to a developer, he mourned the loss of his “home away from home,” where he’s been a regular bowler for more than 25 years.

“A lot of people are going to miss this place,” said Sandano, 67, of Bensonhurst.

But in his loss, others in the community may find new homes of their own. Plans to replace Maple Lanes with a 112-unit residential development is likely to advance to the next frame.

On December 19, the City Planning Commission held a public hearing on the zoning change requested by the developer, Fairmont Lanes, LLC. Maple Lanes, at 1570 60th Street, near the Borough Park-Bensonhurst border, is in an area currently zoned for manufacturing, not residential use.

Continue Reading »

New York City auctioned off 32 borough-wide city properties on May 10.

Most of the properties are unused vacant lots. There were some buildings up for grabs. One such is located in the Classon Point area of the Bronx.

A Gravesend 50ft X 173ft irregularly-shaped lot at Avenue X and Boynton Place was available for the minimum upset price of $780K.

This auction was the first of this type in six years. If every property sold, it would have net the city $6.7M in profits, according to WNCY.org.

Buyers were required to put down at least 20 percent of the asking price.

So far no word has been released as to which properties were bought and which remain.

1621 East 61st Street

Massey Knakal Realty Services made a $1.7M sale on a vacant lot at 1621 East 61st Street. The 8,000 square foot site also has a 6,000 square foot commercial building ready for use.

“The buyer plans on building a synagogue on the site,” said Vice President of Sales Jeffrey A. Shalom in a press release.

“We expect more industrial properties in the area to be converted to other uses such as community centers, houses of worships, medical facilities and retail uses,” added Shalom.

 

2300 Cropsey Avenue Real Estate

Source: JMazzolaa via Flickr

The large abandoned site at 2300 Cropsey Avenue is set to hit the market. Swedbank, the current property holder, will soon begin taking bids on the space.  Swedbank is a Swedish bank that holds several defaulted mortgages, most of which they acquired from Lehman Brothers.

Alexander Gurevich, the initial owner of the 45,688-square-foot space planned to build a multi-functioning unit with underground parking, housing and office space, according to The Real Deal. However, he defaulted on the remaining $17 million loan balance and the property went into bank holding.

Gurevich’s ownership of the property is further complicated by his legal issues. In 2010, Gurevich was banned from selling condos or co-op units in New York for 3 years because he was accused of deceiving buyers in Manhattan’s Turtle Bay condo sale.

Associates at Massey Knakal Realty Services are also working to sell the site privately on behalf of Gurevich. Investors predict the site will go for $12 to $13 million.

A reader sent us this photo of Avenue Candles & Gifts, which recently re-opened on 13th Avenue in Dyker Heights. The store’s owners had closed their former location on Bay Ridge’s 5th Avenue earlier this year.

According to our tipster, it’s a cute shop and their candles are quite good.

Could this be a sign that more businesses priced out of Bay Ridge will be headed east?

Avenue Candles & Gifts is located at 7622 13th Avenue, near 77th Street.

The proposed site at 1752 Shore Parkway (from propertyshark.com)

While local groups continue to fight tooth and nail in order to prevent Walmart from opening up a store in New York City, another big box chain isn’t running into any trouble at all in Bensonhurst.

Joe Sitt’s Thor Shore Parkway Developers, LLC has applied for a change in zoning in order to build a two-story 214,000-square-foot retail space near Caesar’s Bay Shopping Center. The four-unit commercial project, to occupy 1752 Shore Parkway (at Bay 38th Street), is being called Brooklyn Bay Center, and the ground floor is  expected to house a BJ’s Wholesale Club, with the three remaining retail units on the second flood floor.

There is a land use hearing on the proposal scheduled for today at 5:00 p.m. in Borough Hall in Downtown Brooklyn. Continue Reading »