Wednesday, April 3, 2019

[Updated] The building housing the former Sidewalk sells on Avenue A

[EVG file photo]

We've heard rumors in the past week that 94-96 Avenue A, the building that housed the Sidewalk Bar & Restaurant for nearly 34 years, had a new owner. (The asking price had been $11.9 million.)

On Monday, the paperwork (dated March 14) for the sale was filed in public records. The documents show that the sale price was $9.6 million. The (so far) mystery buyer is listed as PSC Avenue A LLC. The address on the paperwork corresponds to a law firm (Robinson Brog Leinwand Greene Genovese & Gluck) in Midtown.

Not sure what might be next for the building — or its current tenants. According to the listing, the floor area ratio (FAR) allows for one more floor to be added to the building. And per the listing: "The legendary location has seen many walks of life and now it can be yours. The building is a goldmine in the waiting."

As you likely know, new owners have taken over the former Sidewalk, which closed after service on Feb. 23. So far not many details about what's to come here have been made public. There have been rumors that the new establishment will retain the Sidewalk name... and at least one of the open-mic nights.

Don't look for the new place to be open anything soon. Just last week the city issued a permit for renovation work in the bar-restaurant space.

Updated 4/4

Penn South Capital is the owner, Patch reports. Parag Sawhney, founder of Penn South, had this to say:

"We have a new restaurant tenant that will keep the open mic tradition alive," he said by email. "We love the East Village and believe in preserving what make its so special. We had a very peaceful transition from the previous landlord who also owned and managed Sidewalk. That owner has now retired from business and had no interest in staying on as our tenant."

Previously on EV Grieve:
New owners set to take over the 33-year-old Sidewalk Bar & Restaurant on Avenue A


noble neolani said...

How can we get rid of the carpetbaggers destroying our neighborhood?

Anonymous said...

"The building is a goldmine in the waiting."

I don't know that I've ever seen a more shameless appeal to naked avarice.

Will said...

I come at this from 'our neighborhood doesn't allow enough construction, and that raises rents' angle, so I hope the new owner puts a pop-up on top.