The roof has been updated and most of the free market apartments are newly renovated. With only 1 rent controlled tenant and 2 rent stabilized tenants in the building, the balance of the units are free market making this property an excellent investment opportunity with no vacancy and a tremendous income stream.
Klus Ortleib, the hotel's managing partner, wants the place to fit in with the edgy local art scene. "When I came up with the idea, people said I was crazy," he said.
Keane says that Nevada Smith’s has nearly outgrown its current Lower East Side location. “We don’t expect to be at this location very much longer. We’re looking forward to expanding. We have a group of investors who want to take us nationwide.”
The asking price: $350,000 key money (the price to just take over the space) and a $10k per month 10 year lease. Now the listing doesn't necessarily mean the Dive will close, nor must it change hands.
The owners could just be testing the waters to see if they can unload it at that price. Potential new owners could keep it running as is—$20 all you can drink beer specials and all—or they could turn it back into a coffee shop, something it still somewhat resembles.
