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Venturing away from the neighborhood for a moment... The well-worn Subway Inn, with that perfect neon sign, has been in business on East 60th Street between Third Avenue and Lexington since 1937 ... however, recent real-estate transactions along here put its longterm future in this space in doubt.
The Real Deal reported yesterday that development firm World-Wide Group bought another building on this block across the street from Bloomingdale's.
What's this mean?
The purchase ... gives World-Wide a total of about 300,000 square feet of development rights along East 60th Street, between Lexington and Third avenues, a source close to the deal said.
The firm had previously acquired 143 (home to the famous dive bar, Subway Inn), 145-147, 149, 151 and 153 East 60th Street. With the new purchase, the firm now owns 200 feet of frontage along East 60th Street.
Nothing is imminent along here... but you have to figure some new project is likely in the pipeline. As The Real Deal pointed out, World-Wide "is active in the city." Among the firm's projects, a 59-story residential tower at 250 E. 57th St. Unless the firm just wants a 77-year-old bar in its portfolio.
So maybe you want to visit the Subway Inn in the coming months. At the right times (like, not a Friday night), it's still a great place. As Jeremiah Moss once wrote, "The Subway Inn will remind you of other bars that have been lost."
[EVG file photo]
Gothamist spoke with the bar owner's son, who "seemed unperturbed by the news."
"We're probably going to end up moving somewhere else pretty close in the area. But right now it's not a concern, so we're not looking right now."