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 sunsetparkchron@gmail.com.
Wow. That’s great news in that a full store-front is much better than an empty one. But now I’m nervous about what will happen to the wonderful sign and look of the entire building. Thanks for the information!
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The local investors are 161 Realty, LLC. All I can find on them is a Park Avenue, Manhattan address.
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Very interesting. I’ll put it on my to-checkout list. Thanks!
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My vision: A large cafe where people of all backgrounds in our lovely area could get go together, grab a cup of coffee and muffin, play a game of pool or have a snack. This venue has the potential, in a refurbished form, that would fill such a void here!!! I want a coffee house and a bar and I want it now!!!!!
Well-loved. Like or Dislike:
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Yeah, I have a soft spot for that sign as well. No word yet on what will happen to the building, but I’ll keep an ear out.
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Oh Morgan. That information is really, really scary. Do I smell condo?
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A bookstore-cafe with open mike nights. A place that serves HEALTHY food. A social location that does not focus on alcohol or unhealthy food. That would be awesome.
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Does anyone know the status of the occupants of the apartments? Did they move out already and if not what will happen to them?
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Not sure. I’m still looking into the LLC that bought it. I’ve found a little here and there but nothing firm enough to post. I’ll keep an ear out for news on the tenants. Let me know if you hear anything more.
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Could it be this fellow, Ben Shaoul?
http://www.observer.com/2008/boy-developer-ben-shaoul-wants-live-forever?page=0
He’s listed as the owner of an LLC called, LUDLOW 161 REALTY ASSOCIATES LLC, according to this NYC document: http://www.nyc.gov/html/dob/downloads/download/foil/per091203.xls
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I did see that, but hadn’t had a chance to explore fully. I have a couple of leads but haven’t had a chance to follow up, but I will try as soon as I can. Keep on the hunt!
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unfortunately, there is now a for rent sign up…still no development. spread the word that there is a really cool vintage storefront up for grabs–before someone turns it into a cellphone store or a bank! please, hurry!
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I saw the sign, too. Please, please let’s all do something before we have another Dunkin Donuts. Enough boring businesses on that strip!!!! I wish there was a way we could all get together and run something interested! A food co-op, coffee house co-op? Anything! But I guess we haven’t got much time.
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