news in the Community of Middle Village. After having stores on Eliot Avenue, and 80 street vacant for over 2 years, they are finally rented!
Yes the countless phone calls, countless hours, interviews, offers, meetings, negotiating, counter offers, have finally come to an end. A new record set in Middle Village.
Over $250k loss in rents, undetermined amount of taxes, & insurance, attorney fees, it is finally over for the Landlord. However, it is just the beginning for the new Tenants.
Good Luck and well wishes to the Tenants. One being the owner of Met Supermarket, who originally wanted the corner store to begin with over 2 years ago. And although he finally was granted a lease months ago, nothing has been done with the store as of yet internally. He just wanted to expand his produce section of the current store, and now must contend with his Architect, keeping the Landlord abreast, and her Attorney, and her Architect for approvals. Sources said the lease that was signed was not a long period either for whatever reasons. But he must be thrilled right now about it all. Yes, one of the Best Tenants probably in all of Middle Village, and for sure the Residents do appreciate his Supermarket quite a bit. Lastly, we all hope he remains in the Community, since his business is so vital to the Community. A follow up story three years from now may or may not be front page news in every local paper. For reasons from discussions, the very potential of squeezing a tenant to the Brink of having had enough financially to the point of it not being cost effective any longer could force him out of town altogether.
Next, can you imagine how many times a Dunkin Donuts wanted to rent this space in the years of it being Vacant? Try 3 times by three different owners.
Reasons why it feel through during negotiations was naturally the rent. As the Real Estate Market was in a decline, the rent per sq.ft. was of the old, then add the percentage of huge taxes, had put it to the level of Queens Blvd. area. But it is not the corner store for DUNKIN, it is the two rear stores, that will be the DUNKIN DONUTS. Less expensive in rent, more costly in renovations, and the taxes are lower of course than the corner store. Lets see how long this will take to be put together along with having a grand opening.
Hopefully the new tenants and their workers can contend with the strong odor from the supermarket meat which comes up from the basements, according to one tenant who was considering the rear stores until that odor proved to strong during the hot days of July. But in any event, congratulations for a job well done by the Landlord who really did it the hard way, time wise, and money wise. Probably the most unheard of method for a Landlord in Middle Village History!
If in the future this property were to come up for sale, hopefully it won't take 3-7 years to sell it. Now it is fully rented, and taxes are being paid.
Its over for the Landlord and it continues for the Tenants!
What a Story! 10/17/12