Businesses emerge from under the sidewalk bridge at 57 2nd Ave.

Two readers alerted us to 57 Second Ave. between Third Street and Fourth Street where, after two years (longer maybe???*) workers have removed the sidewalk bridge.

You can now see the two businesses here ... Dim Sum Palace, which opened back in December, and Kona Coffee and Company, which returned to the space in February. (Celebrity vegan chef Matthew Kenney took over that space for a cafe late last year, but it didn't work out. And Kona returned.)



Icon Realty bought the 9-story building here in early 2015. The previous retail tenants, Alex Shoe Repair and Allied Hardware, were not part of the new building's plans.

* Google Street View shows the sidewalk bridge up in September 2017. DOB paperwork for the sidewalk bridge dates to January 2017.

Previously on EV Grieve:
57 Second Ave. hits the market for $30 million

Reader report: Icon Realty new owner of 57 Second Ave.

Last day for Alex Shoe Repair on 2nd Avenue

Allied Hardware makes impending closure official on 2nd Avenue

Last days for Allied Hardware on 2nd Avenue

Dim Sum Palace planned for 59 2nd Ave.

The owners of the two locations of Dim Sum Palace in Midtown are planning to open a similar establishment at 59 Second Ave. between Third Street and Fourth Street.

And they will be appearing before CB3's SLA committee tonight to apply for a new liquor license for this EV Dim Sum Palace.



The questionnaire on file at the CB3 website (PDF here) shows that the restaurant will open daily at 11 a.m. (Closing time is listed as 2 p.m., which is likely a mistake — unless they will open for just three hours a day.) The proposal calls for 15 tables seating 65 diners. The specs only reveal a service bar.

Until October 2015, the address was home to Allied Hardware, which was on a month-to-month lease with the building's owner until Icon Realty bought the property in early 2015.

The adjacent space (the former Alex Shoe Repair) is now Kona Coffee and Company, which opened this past November.

Last days for Allied Hardware on 2nd Avenue

The family-run business is wrapping it up here at 59 Second Ave. between East Third Street and East Fourth Street after closing sales these past few weeks.

EVG reader Danielle Baskin stopped by the store yesterday, and learned that the owners have to turn over their keys to landlord Icon Realty on Friday. An auctioneer is coming by later today to take things in bulk, so there might not be too much left.

And a few of the items on the shelf look as if they have been here as long as the store has these past 30-plus years…





Danielle also notes that the owners have sold the 33-year-old front signage — for $100…

And the sign came down last evening...


[Photo via @JwalkinNYC]

Apparently there's also a second Allied sign that lights up that is also for sale, though there aren't any bids yet.

The hardware store had apparently been on a month-to-month lease with the previous owner. Icon, who bought the building earlier this year, is now asking $26,000 for the space.

Top 3 photos via Danielle Baskin

Previously on EV Grieve:
57 Second Ave. hits the market for $30 million

Reader report: Icon Realty new owner of 57 Second Ave.

Last day for Alex Shoe Repair on 2nd Avenue

Allied Hardware makes impending closure official on 2nd Avenue

Allied Hardware makes impending closure official on 2nd Avenue

Earlier this year, when Icon Realty became the new owner of 57 Second Ave., a reliable source told us that the two retail tenants here between East Third Street and East Fourth Street would be closing in the months ahead.

Alex Shoe Repair shut down at the end of July. The cobbler had been paying $4,000 in monthly rent. The new asking price is $14,000 a month.

Now Allied Hardware has posted closing signs … with sales on everything (but keys) …



We're not sure what the family who runs Allied pays in monthly rent. According to the listing at the Icon website, the new asking rent is $26,000 … with a space "perfect For: Restaurant, bar, clothing store, salon, and all general retail uses."

Previously on EV Grieve:
57 Second Ave. hits the market for $30 million

Reader report: Icon Realty new owner of 57 Second Ave.

Last day for Alex Shoe Repair on 2nd Avenue

Last day for Alex Shoe Repair on 2nd Avenue

Back in February we reported that Icon Realty was the new owner of 57 Second Ave., the 10-story building between East Third Street and East Fourth Street.

This meant that the two retail tenants — Alex Shoe Repair and Allied Hardware, who were both on a month-to-month lease — would not be around much longer.

Well, today is the last day for Alex Shoe Repair.

Earlier this week, the Lo-Down published an interview with the shop's proprietor:

Born and raised in Uzbekistan in a Jewish family with four brothers and five sisters, Amnun “Alex” Kariyev immigrated to Chicago where he worked in a cable manufacturing company. Looking to run a business of his own, he went to school at night to learn the art of shoe repair.

Alex came to New York City and in 1986 set up shop on Second Avenue. When he started out, the rent was only $1,000, which might seem very low for the nicely proportioned 1,000 square foot space. But back then, Alex recalls, all of lower Second Avenue below 4th Street was “a no man’s land.”

And…

He bears no grudge against Icon Realty, who have given him his final month in the location free of charge. Having lived through the brand of Communism imposed by the former USSR, Alex says he believes in capitalism and that — at the price Icon paid for the property — they have the right to make money.

Alex was paying $4,000 a month in rent. The new asking rent is $14,000.

This Alex is now sending his customers to the unrelated Alex Shoe Repair at 71 First Ave. between East Fourth Street and East Fifth Street.

Previously on EV Grieve:
57 Second Ave. hits the market for $30 million

Reader report: Icon Realty new owner of 57 Second Ave.

Reader report: Icon Realty new owner of 57 Second Ave.

[Image via Massey & Knakal]

The 10-story building at 57 Second Ave. between East Third Street and East Fourth Street hit the market last November for $30 million.

Now a resident writes in: "On Friday, we all received a letter attached to our doorknobs that our new landlord is T&T Realty Management, but their email address is from Icon Realty." (We didn't spot the transaction just yet in public records.)

And in a separate comment that someone left yesterday on the post from November:

"They want names, birthdates and more info from occupants. The big story for this building hasn't been written yet. Buyouts are my guess."

We hear that 28 of the 33 units are currently occupied ... and all tenants are either in rent-stabilized or rent-controlled units.

Meanwhile, the original sales listing noted that the two retail tenants — Alex Shoe Repair and Allied Hardware — were on a month-to-month lease, paying roughly $38 a square foot "in an area that commands rents in excess of $150/SF."

According to the building tipster, the family who owns the hardware store has already been handed vacate orders.

Previously on EV Grieve:
57 Second Ave. hits the market for $30 million

Security guards and Stop Work Orders for Icon Realty-owned East 12th Street building

At 205 Avenue A, where the NYPD stops by 'almost every weekend'

Happy holidays from 128 Second Ave.

57 Second Ave. hits the market for $30 million

Here's the listing that arrived yesterday at Massey Knakal:

A 10-story, mixed-use building located on the west side of 2nd Avenue between East 3rd and East 4th Streets. The building consists of two ground floor retail units with 33 residential units on the above floors. The ground floor retail units are both leased on a month to month basis for $3,000/month and $4,000/month or approximately $38/SF, in an area that commands rents in excess of $150/SF.

Currently, 28 of the residential units are RS, 2 are RC, 2 units are employee occupied, and 1 unit is owner occupied. The average in-place rent is less than $25/SF which is a fraction of market. This represents an excellent opportunity to take advantage of strong in-place cash flow while adding substantial value in the retail rents. The seller’s preference is to sell the shares in the corporation as opposed to a fee simple interest.

The price tag: $30 million.

And not a really good sign for the longterm future of the shoe repair/barber shop and hardware store in the retail spaces.