I'm not from NY so I don't know who to equate property vs. property. So I googled the property using the Streets-view feature. Wow!!! It looks to be in a slum. Trash on the sidewalks and not exactly a pleasant view. The parking garage next door will help, but, I'm questioning who the clientele will be in this seemingly combat zone. And as for the air rights???? I'm hard pressed to see why that's something of value in the neighborhoods' current condition.
Boy, what an idiot ... 33rd St. is a really prime location for an adult club with the proper zoning in NYC ... it's like a legal monopoly! Too bad RICK probably won't be able to buy it. If the air rights are worth $12M based on the offer, $11M isn't a bad price for the building and lot. They really need to swing this deal. How dramatic!
Wait a minute.....I am confused, did you just say buying 33rd St is good? This the same barkingdog that post numerous postings a day?
It is the edge of Koreatown.....I lived a block away one summer, it was nothing to step over vomit on the sidewalks on my way to work. That being said, most of NYC looks pretty trashy.....especially on trash days. NYC isn't like the rest of the US, the population density is orders of magnitude greater than probably anywhere else in the US. Which is why Ricks can pull in so much sales in one small club footprint (only 10K sq ft, it definitely doesn't have the largest floor space of a Ricks club). Also, most of Ricks clubs are located in crappier parts of town.....mostly industrial parks and warehouses. People tend to protest if they pop up in suburbs. Any other city.....a Ricks might be in an industrial park within 15 minutes driving distant of some nice areas. In NYC, it is one block over from the Garment District of NYC.