Who says the real estate market is dead?
915 W. 36th (Verizon Store) and 917-919 W. 36th (Fraziers) just sold at auction yesterday for 1.2 MILLION (for both buildings combined.)
No word on who bought and why. Hawker's digging though.
posted by Plantastic @ 2:28 PM
6 Comments:
I believe that the guy who already owned it came up with the money to repurchase it. It was going up on auction for backed up mortgage payments. There is also a rumor that Norm (the owner of Frazier's, but not the building) bailed the guy out and has done the same at least a couple of times before when the same situation arose.
So does that mean that Frazier's will cease to be Frazier's? With Marty dead, I was wondering if Frazier's would remain untouched by time for much longer.
Not at all... Barb and Norm, the owners of the business (not the building) have at least a 10 year lease in the building, so even if the building were to be sold, Frazier's as it is now will still occupy the space. I was speaking to one of the employees last night and he seemed to think that it might even be better for the business if the building sold, since the new landlord might actually make repairs to the place.
Marty is dead?
Marty died back in late April/May. It was sudden and I heard he was with a "special lady friend" when it happened. He was a good guy.
I don't know if Marty's sudden departure has had anything to do with it, but Fraziers has changed their menu drastically and I was told last week, that side salads got to be too expensive to offer. It's some lettuce folks....
Repairs to the building, plus the hefty price tag, almost certainly mean a raise in rents for the businesses there.
New owners can get out of long term leases on properties they buy.
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