After more than six months on the market, Sunset Park’s historic Rainbow Cafe has been sold. CPEX Real Estate released the news today that the building at 3904 Fifth Ave. has been sold “to a local investor” for $1,650,000.
For 30 years home to a family owned bar and retaurant, the Cafe shuttered after its owner passed away last year. BestViewInBrooklyn noted the closure last June. It went on the market soon after; the nearly 9,000 square foot building on 39th Street and Fifth Avenue, which includes four units of housing over the cafe, was listed for $3,250,000. Despite news that real estate is looking up, it seems properties at Sunset Park are still going at bargain-basement prices. Anyone know who that “local investor” might be? Leave a comment or drop a line to firstname.lastname@example.org.